15,750 Broadcom Inc. $AVGO Shares Bought by JCIC Asset Management Inc.

Key Points

• JCIC Asset Management sharply increased its Broadcom stake, buying 15,750 shares in the third quarter to hold 15,845 shares valued at about $5.57 million—2.3% of its portfolio.
• Broadcom beat quarterly estimates, reporting EPS of $3.32 versus $3.22 expected and revenue of $29.59 billion, up 85.5% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with a consensus price target of $530.52; 39 analysts rate the stock Buy, one Strong Buy, and five Hold.

JCIC Asset Management Inc. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16,578.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,845 shares of the semiconductor manufacturer's stock after purchasing an additional 15,750 shares during the quarter. Broadcom accounts for about 2.3% of JCIC Asset Management Inc.'s investment portfolio, making the stock its 14th biggest holding. JCIC Asset Management Inc.'s holdings in Broadcom were worth $5,565,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Core Capital Management & Research inc. bought a new stake in shares of Broadcom during the second quarter valued at approximately $31,000. Harborfront Financial Group LLC purchased a new position in Broadcom in the 2nd quarter worth approximately $38,000. DecisionPoint Financial LLC raised its holdings in Broadcom by 101.9% in the 3rd quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer's stock worth $36,000 after acquiring an additional 53 shares during the last quarter. Align Financial LLC lifted its position in Broadcom by 67.2% in the 3rd quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer's stock valued at $38,000 after acquiring an additional 45 shares in the last quarter. Finally, Curry Webb Wealth Management LLC bought a new position in Broadcom in the 3rd quarter valued at approximately $41,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on AVGO. Royal Bank Of Canada initiated coverage on Broadcom in a research note on Thursday, September 3rd. They set an "outperform" rating on the stock. KeyCorp restated an "overweight" rating and issued a $575.00 price target on shares of Broadcom in a research note on Thursday, September 3rd. Citigroup cut Broadcom from a "buy" rating to a "neutral" rating in a research note on Tuesday, October 27th. President Capital upped their price target on Broadcom from $520.00 to $546.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $475.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $530.52.

Broadcom Stock Up 0.7%

AVGO opened at $293.69 on Friday. The stock has a market capitalization of $1.40 trillion, a price-to-earnings ratio of 37.51 and a beta of 1.49. The firm has a 50 day moving average price of $347.89 and a 200-day moving average price of $366.17. Broadcom Inc. has a twelve month low of $289.77 and a twelve month high of $495.00. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.10. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The company had revenue of $29.59 billion for the quarter, compared to analysts' expectations of $29.24 billion. During the same quarter last year, the company posted $1.69 earnings per share. The firm's quarterly revenue was up 85.5% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a dividend of $0.65 per share. The ex-dividend date was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.9%. Broadcom's payout ratio is currently 33.21%.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Broadcom Profile

Broadcom Inc is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics.

Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.

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