16,733 Broadcom Inc. $AVGO Shares Sold by Prime Capital Investment Advisors LLC

Key Points

• Prime Capital Investment Advisors reduced its Broadcom stake by 6.2%, selling 16,733 shares during the third quarter and retaining 251,354 shares valued at approximately $88.3 million.
• Other major institutions—including State Street, Bank of America, Wellington Management and UBS— increased their Broadcom holdings, while institutional investors collectively own 76.43% of the company.
• Broadcom exceeded quarterly expectations with $3.32 in earnings per share and $29.59 billion in revenue, up 85.5% year over year. The company also maintains a $0.65 quarterly dividend, equivalent to a 0.8% annual yield.

Prime Capital Investment Advisors LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,354 shares of the semiconductor manufacturer's stock after selling 16,733 shares during the period. Broadcom comprises approximately 0.9% of Prime Capital Investment Advisors LLC's investment portfolio, making the stock its 27th largest holding. Prime Capital Investment Advisors LLC's holdings in Broadcom were worth $88,273,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. State Street Corp raised its position in Broadcom by 8.7% during the second 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. Bank of America Corp DE lifted its holdings in Broadcom by 4.6% during the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock valued at $23,202,543,000 after purchasing an additional 2,685,916 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Broadcom by 3.8% during the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $19,484,611,000 after purchasing an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Broadcom by 2.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock valued at $15,178,195,000 after purchasing an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of Broadcom in the second quarter valued at about $11,998,148,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $323.24 on Friday. The firm has a 50-day simple moving average of $357.48 and a 200-day simple moving average of $384.69. The stock has a market capitalization of $1.54 trillion, a price-to-earnings ratio of 41.28 and a beta of 1.46. 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 Inc. has a 52 week low of $289.96 and a 52 week high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share 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 firm 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 firm posted $1.69 earnings per share. The company's revenue for the quarter was up 85.5% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom's dividend payout ratio (DPR) is 33.21%.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Tigress Financial initiated coverage with a Buy rating and a $600 price target, implying substantial upside and signaling confidence in Broadcom’s AI semiconductor and infrastructure-software opportunities. Tigress Financial Broadcom coverage
• Positive Sentiment: Broadcom launched Arcot Scam Defense, a real-time fraud-detection feature for card-not-present transactions. Initial financial-institution pilots reportedly produced strong results, offering a potential new growth opportunity for its infrastructure-software business. Broadcom launches Arcot Scam Defense
• Positive Sentiment: Several analyses remain bullish on Broadcom’s custom AI-chip and networking exposure, describing the company as a potential long-term beneficiary of rising AI revenue and as a relatively resilient play if AI customers face cash-flow pressures. Broadcom long-term stock prediction
• Neutral Sentiment: Broadcom’s recent earnings exceeded consensus estimates, with revenue growth accelerating sharply year over year. However, the strong results are already being weighed against elevated valuation expectations and broader market conditions.
• Negative Sentiment: Chip stocks have broadly pulled back amid higher-rate concerns and worries that the massive AI data-center buildout may take longer to generate adequate returns. This sector-wide risk is weighing on AVGO alongside company-specific developments. Chip stocks pullback
• Negative Sentiment: Technical-focused coverage identifies the $320 area as a critical test. A sustained break below that level could encourage additional selling, while the stock’s position below its moving averages reflects weakened near-term momentum. Broadcom $320 support analysis

Analyst Ratings Changes

A number of analysts have recently commented on AVGO shares. DA Davidson set a $350.00 target price on shares of Broadcom and gave the stock a "neutral" rating in a research note on Friday, September 4th. TD Cowen reaffirmed a "buy" rating and issued a $475.00 price target (down from $500.00) on shares of Broadcom in a research note on Thursday, September 3rd. UBS Group cut Broadcom from a "buy" rating to a "hold" rating in a report on Thursday, September 3rd. Piper Sandler initiated coverage on Broadcom in a report on Wednesday, September 9th. They issued an "overweight" rating and a $460.00 price objective on the stock. Finally, Royal Bank Of Canada started coverage on Broadcom in a report on Thursday, September 3rd. They set an "outperform" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $529.17.

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company's semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.