31,733 Broadcom Inc. $AVGO Shares Bought by Kestra Advisory Services LLC

Key Points

• Kestra Advisory Services increased its Broadcom stake by 7.1% in the third quarter, buying 31,733 shares and ending the period with 481,785 shares valued at about $169.2 million.
• Broadcom reported quarterly EPS of $3.32, topping the $3.22 consensus, while revenue rose 85.5% year over year to $29.59 billion.
• Shares opened at $293.69, near the reported 52-week low of $289.77; analysts’ consensus rating was “Moderate Buy,” with an average price target of $530.52.

Kestra Advisory Services LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 481,785 shares of the semiconductor manufacturer's stock after purchasing an additional 31,733 shares during the quarter. Broadcom makes up approximately 0.5% of Kestra Advisory Services LLC's holdings, making the stock its 29th biggest holding. Kestra Advisory Services LLC's holdings in Broadcom were worth $169,198,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. State Street Corp raised its stake in Broadcom by 8.7% during 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 in the last quarter. Bank of America Corp DE lifted its holdings in Broadcom by 4.6% during the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock worth $23,202,543,000 after buying an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Broadcom by 3.8% during 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 grew its position in shares of 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 acquiring an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Broadcom in the 2nd quarter worth approximately $11,998,148,000. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $293.69 on Monday. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average of $347.89 and a two-hundred day moving average of $366.17. Broadcom Inc. has a 52 week low of $289.77 and a 52 week high of $495.00. The company has a market cap of $1.40 trillion, a P/E ratio of 37.51 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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. The company had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business's revenue was up 85.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.69 earnings per share. As a group, analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were given 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 Headlines 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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AVGO. KeyCorp reiterated an "overweight" rating and issued a $575.00 price target on shares of Broadcom in a report on Thursday, September 3rd. Citigroup cut Broadcom from a "buy" rating to a "neutral" rating in a research note on Tuesday, October 27th. Morgan Stanley reaffirmed an "overweight" rating and issued a $505.00 price objective (up from $502.00) on shares of Broadcom in a report on Thursday, September 3rd. Oppenheimer started coverage on shares of Broadcom in a research note on Tuesday, October 27th. They set a "buy" rating for the company. Finally, Jefferies Financial Group assumed coverage on shares of Broadcom in a research note on Thursday, September 3rd. They set a "buy" rating and a $550.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $530.52.

Broadcom Company 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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