1,918 Broadcom Inc. $AVGO Shares Sold by Accuvest Global Advisors

Key Points

• Accuvest Global Advisors cut its Broadcom stake by 33.4% in the third quarter, selling 1,918 shares; it still held 3,833 shares worth about $1.35 million at quarter-end.
• Despite Accuvest’s reduction, several major institutional investors increased their positions, and institutional investors collectively owned 76.43% of Broadcom’s stock.
• Broadcom beat quarterly earnings and revenue expectations, with revenue up 85.5% year over year. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $530.52.

Accuvest Global Advisors lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 33.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,833 shares of the semiconductor manufacturer's stock after selling 1,918 shares during the period. Broadcom comprises about 1.0% of Accuvest Global Advisors' portfolio, making the stock its 27th largest holding. Accuvest Global Advisors' holdings in Broadcom were worth $1,346,000 at the end of the most recent quarter.

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

Trending Headlines about Broadcom

Investors following AVGO have been watching these headlines:

• Positive Sentiment: Broadcom shares rose more than 3% in extended trading as turmoil around Nvidia’s CEO sent investors toward rival chipmakers, including Broadcom. Nvidia Stock Sinks as Jensen Huang Ouster Report Sends Investors Toward AMD, Broadcom
• Neutral Sentiment: Some commentary views Broadcom as a potential beneficiary of continued AI investment, while noting that its shares have retreated from earlier highs. Am I Buying the Dip in Broadcom Stock?
• Negative Sentiment: Risks include Broadcom’s valuation and the possibility that debt-financed AI infrastructure spending could expose the company to credit risk if demand or customer finances weaken. Broadcom: A Great TPU Business With a New Kind of Credit Risk Attached

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. HC Wainwright initiated coverage on Broadcom in a report on Tuesday, October 27th. They set a "buy" rating for the company. Lake Street Capital raised shares of Broadcom to a "buy" rating in a research note on Thursday, September 3rd. BMO Capital Markets increased their target price on Broadcom from $455.00 to $575.00 and gave the company an "outperform" rating in a research note on Thursday, September 3rd. William Blair lowered shares of Broadcom from an "outperform" rating to a "market perform" rating in a research note on Tuesday, October 27th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $600.00 price objective on shares of Broadcom in a report on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $530.52.

Broadcom Price Performance

Broadcom stock opened at $345.22 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50. The stock's 50 day moving average price is $345.65 and its two-hundred day moving average price is $366.28. The stock has a market capitalization of $1.65 trillion, a price-to-earnings ratio of 44.09 and a beta of 1.49. Broadcom Inc. has a 52-week low of $289.77 and a 52-week high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $29.59 billion for the quarter, compared to the consensus estimate of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The business's revenue was up 85.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.69 earnings per share. On average, equities analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom's payout ratio is currently 33.21%.

About Broadcom

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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