31,822 Shares in Broadcom Inc. $AVGO Bought by Tempo Wealth LLC

Key Points

• Tempo Wealth LLC opened a new position in Broadcom during the fourth quarter, buying 31,822 shares worth about $11.0 million. Broadcom now represents roughly 2% of the firm’s portfolio and is its 14th-largest holding.
• Broadcom reported strong quarterly results, with EPS of $2.44 topping estimates and revenue of $22.19 billion slightly ahead of expectations. Revenue rose 47.9% year over year, underscoring continued growth momentum.
• Wall Street remains broadly constructive on AVGO, with analysts assigning a Moderate Buy consensus and an average price target of $490.13. The company also declared a quarterly dividend of $0.65 per share, payable June 30.

Tempo Wealth LLC acquired a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 31,822 shares of the semiconductor manufacturer's stock, valued at approximately $11,014,000. Broadcom makes up approximately 2.0% of Tempo Wealth LLC's investment portfolio, making the stock its 14th biggest holding.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Thryve Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter worth about $913,000. KW Wealth Management LLC grew its holdings in Broadcom by 56.5% in the fourth quarter. KW Wealth Management LLC now owns 1,080 shares of the semiconductor manufacturer's stock worth $374,000 after purchasing an additional 390 shares during the period. MidFirst Bank purchased a new stake in Broadcom in the fourth quarter worth about $21,631,000. Ketron Financial bought a new position in shares of Broadcom during the fourth quarter valued at approximately $18,160,000. Finally, SG Trading Solutions LLC bought a new position in shares of Broadcom during the fourth quarter valued at approximately $9,063,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of a number of analyst reports. DA Davidson boosted their price target on Broadcom from $375.00 to $400.00 and gave the stock a "neutral" rating in a research report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the company an "overweight" rating in a research report on Thursday, June 4th. Seaport Research Partners reiterated a "neutral" rating on shares of Broadcom in a research note on Wednesday, April 8th. TD Cowen reissued a "buy" rating and issued a $500.00 target price on shares of Broadcom in a report on Thursday, June 4th. Finally, Jefferies Financial Group set a $550.00 target price on Broadcom and gave the stock a "buy" rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and a consensus price target of $490.13.

Broadcom Price Performance

Shares of AVGO opened at $411.35 on Friday. The company has a market capitalization of $1.96 trillion, a P/E ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The firm has a 50 day moving average of $411.42 and a 200 day moving average of $363.50. Broadcom Inc. has a twelve month low of $244.17 and a twelve month high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.04. The business had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm's quarterly revenue was up 47.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.58 EPS. As a group, equities research analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 22nd. Broadcom's dividend payout ratio is presently 43.33%.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the sale, the insider owned 787,184 shares of the company's stock, valued at $271,759,532.32. This trade represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Harry L. You acquired 1,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were bought at an average cost of $373.57 per share, with a total value of $373,570.00. Following the completion of the acquisition, the director directly owned 38,466 shares of the company's stock, valued at $14,369,743.62. The trade was a 2.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders sold 59,385 shares of company stock valued at $21,301,057. Corporate insiders own 1.90% of the company's stock.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Broadcom Company Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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