4,030 Shares of Broadcom Inc. $AVGO Purchased by Associated Banc Corp

Key Points

• Associated Banc Corp disclosed a new Broadcom stake, buying 4,030 shares worth approximately $1.415 million in the third quarter. Institutional investors collectively own 76.43% of Broadcom’s shares.
• Analysts surveyed by MarketBeat give Broadcom a consensus “Moderate Buy” rating, with an average price target of $530.52.
• Broadcom’s latest reported quarter beat earnings and revenue estimates: EPS was $3.32 versus $3.22 expected, and revenue reached $29.59 billion, up 85.5% year over year.

Associated Banc Corp acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,030 shares of the semiconductor manufacturer's stock, valued at approximately $1,415,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp lifted its position in shares of 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 buying an additional 16,651,378 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Broadcom by 4.6% in 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 stake in Broadcom by 3.8% in 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 acquiring an additional 1,892,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Broadcom by 2.9% during 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 last quarter. Finally, Legal & General Group Plc bought a new position in shares of Broadcom during the 2nd quarter worth approximately $11,998,148,000. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on AVGO shares. Wedbush started coverage on shares of Broadcom in a research note on Tuesday, October 27th. They set an "outperform" rating for the company. Raymond James Financial reissued an "outperform" rating and set a $475.00 target price (up from $450.00) on shares of Broadcom in a research note on Thursday, September 3rd. President Capital raised their price target on shares of Broadcom from $520.00 to $546.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Wall Street Zen downgraded Broadcom from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. Finally, Piper Sandler began coverage on shares of Broadcom in a research report on Wednesday, September 9th. They issued an "overweight" rating and a $460.00 price target on the stock. One 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, Broadcom has a consensus rating of "Moderate Buy" and an average target price of $530.52.

More Broadcom News

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 Stock Up 0.7%

AVGO opened at $293.69 on Friday. 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 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 twelve month low of $289.77 and a twelve month high of $495.00. The firm's 50-day simple moving average is $347.89 and its 200-day simple moving average is $366.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating analysts' consensus estimates 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%. Broadcom's revenue for the quarter was up 85.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.69 EPS. Equities research analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm 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. This represents a $2.60 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Monday, September 21st. Broadcom's dividend 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.

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.