15,757 Broadcom Inc. $AVGO Shares Bought by Alta Advisers Ltd

Key Points

• Alta Advisers increased its Broadcom stake by 86.2% in the third quarter, buying 15,757 shares to bring its holdings to 34,036 shares, valued at about $11.95 million.
• Broadcom reported quarterly revenue of $29.59 billion, up 85.5% year over year, and adjusted earnings of $3.32 per share, topping analyst estimates.
• Despite strong results and a consensus “Moderate Buy” rating, Broadcom shares opened at $293.69—below their 50- and 200-day moving averages—as coverage cited recent chip-sector weakness and other near-term risks.

Alta Advisers Ltd raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 86.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,036 shares of the semiconductor manufacturer's stock after buying an additional 15,757 shares during the period. Broadcom comprises about 1.7% of Alta Advisers Ltd's investment portfolio, making the stock its 11th biggest holding. Alta Advisers Ltd's holdings in Broadcom were worth $11,953,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Legal & General Group Plc purchased a new stake in Broadcom in the second quarter worth about $11,998,148,000. Bank of New York Mellon Corp bought a new stake in Broadcom during the 2nd quarter valued at approximately $10,528,191,000. Jupiter Topco LLC purchased a new position in shares of Broadcom during the 2nd quarter worth approximately $7,396,271,000. State Street Corp grew its holdings in shares of Broadcom by 8.7% during the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock worth $75,367,711,000 after acquiring an additional 16,651,378 shares during the period. Finally, Deutsche Bank AG purchased a new position in shares of Broadcom during the 2nd quarter worth approximately $5,661,216,000. Institutional investors own 76.43% of the company's stock.

More Broadcom News

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 Stock Performance

Shares of NASDAQ AVGO opened at $293.69 on Monday. The firm's 50 day moving average price is $347.89 and its 200-day moving average price is $366.17. The company has a market cap of $1.40 trillion, a PE ratio of 37.51 and a beta of 1.49. Broadcom Inc. has a 52-week low of $289.77 and a 52-week high of $495.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50.

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a $0.65 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.9%. Broadcom's dividend payout ratio (DPR) is presently 33.21%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVGO. UBS Group lowered Broadcom from a "hold" rating to a "neutral" rating in a research report on Tuesday, October 27th. Fox Advisors upgraded Broadcom to an "outperform" rating in a research report on Thursday, September 3rd. Truist Financial dropped their target price on shares of Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a report on Thursday, September 3rd. HC Wainwright initiated coverage on shares of Broadcom in a research report on Tuesday, October 27th. They issued a "buy" rating on the stock. Finally, Wall Street Zen lowered shares of Broadcom from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $530.52.

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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