17,461 Broadcom Inc. $AVGO Shares Purchased by Torray Investment Partners LLC

Key Points

• Torray Investment Partners increased its Broadcom stake by 17.2%, buying 17,461 shares in the third quarter to hold 118,929 shares worth about $41.8 million. Broadcom is now 5.5% of the firm’s portfolio and its largest position.
• Analyst sentiment is broadly positive: 39 analysts rate the stock Buy and five Hold, for a “Moderate Buy” consensus and an average price target of $530.52.
• Broadcom beat quarterly earnings and revenue estimates, with revenue up 85.5% year over year. Shares recently traded at $293.69, well below their $495 one-year high.

Torray Investment Partners LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 118,929 shares of the semiconductor manufacturer's stock after acquiring an additional 17,461 shares during the quarter. Broadcom accounts for 5.5% of Torray Investment Partners LLC's investment portfolio, making the stock its largest position. Torray Investment Partners LLC's holdings in Broadcom were worth $41,767,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legal & General Group Plc acquired a new position in Broadcom during the 2nd quarter worth $11,998,148,000. Bank of New York Mellon Corp acquired a new position in shares of Broadcom during the second quarter worth $10,528,191,000. Jupiter Topco LLC purchased a new position in Broadcom in the second quarter valued at $7,396,271,000. State Street Corp increased its holdings in Broadcom by 8.7% in the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock valued at $75,367,711,000 after buying an additional 16,651,378 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in Broadcom in the second quarter valued at $5,661,216,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. HSBC decreased their price target on Broadcom from $600.00 to $560.00 and set a "buy" rating for the company in a report on Thursday, September 3rd. Wedbush assumed coverage on Broadcom in a report on Tuesday, October 27th. They issued an "outperform" rating on the stock. BMO Capital Markets raised their target price on Broadcom from $455.00 to $575.00 and gave the stock an "outperform" rating in a research report on Thursday, September 3rd. Piper Sandler began coverage on Broadcom in a report on Wednesday, September 9th. They issued an "overweight" rating and a $460.00 price target for the company. Finally, Cantor Fitzgerald upped their price objective on shares of Broadcom from $525.00 to $600.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $530.52.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $2.16 on Friday, reaching $293.69. 32,366,942 shares of the company were exchanged, compared to its average volume of 22,165,412. The company has a 50-day moving average of $347.89 and a 200-day moving average of $366.17. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The firm has a market cap of $1.40 trillion, a price-to-earnings ratio of 37.51 and a beta of 1.49. Broadcom Inc. has a 1-year low of $289.77 and a 1-year high of $495.00.

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

Broadcom Announces Dividend

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