96,930 Broadcom Inc. $AVGO Shares Sold by Lockheed Martin Investment Management Co.

Key Points

• Lockheed Martin Investment Management cut its Broadcom stake by 74.5%, selling 96,930 shares in the third quarter. It retained 33,150 shares, valued at $11.6 million at quarter-end.
• Broadcom reported quarterly earnings of $3.32 per share, beating estimates of $3.22, while revenue of $29.59 billion exceeded expectations and rose 85.5% year over year.
• Analyst sentiment remained broadly positive: Broadcom had a consensus “Moderate Buy” rating and an average price target of $530.52.

Lockheed Martin Investment Management Co. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 74.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 33,150 shares of the semiconductor manufacturer's stock after selling 96,930 shares during the quarter. Broadcom accounts for approximately 0.8% of Lockheed Martin Investment Management Co.'s holdings, making the stock its 22nd largest holding. Lockheed Martin Investment Management Co.'s holdings in Broadcom were worth $11,642,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Montis Financial LLC raised its holdings in Broadcom by 6.4% during the 3rd quarter. Montis Financial LLC now owns 3,475 shares of the semiconductor manufacturer's stock worth $1,220,000 after buying an additional 208 shares during the period. Gryphon Financial Partners LLC lifted its stake in Broadcom by 0.4% in the third quarter. Gryphon Financial Partners LLC now owns 28,035 shares of the semiconductor manufacturer's stock valued at $9,846,000 after buying an additional 100 shares in the last quarter. Fairscale Capital LLC lifted its stake in Broadcom by 2.9% in the third quarter. Fairscale Capital LLC now owns 5,687 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 160 shares in the last quarter. M&G PLC boosted its holdings in shares of Broadcom by 12.8% in the third quarter. M&G PLC now owns 1,812,692 shares of the semiconductor manufacturer's stock valued at $636,255,000 after buying an additional 206,349 shares during the period. Finally, Vestor Capital LLC boosted its holdings in shares of Broadcom by 10,295.8% in the third quarter. Vestor Capital LLC now owns 57,177 shares of the semiconductor manufacturer's stock valued at $20,080,000 after buying an additional 56,627 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Up 4.0%

NASDAQ:AVGO opened at $345.22 on Thursday. Broadcom Inc. has a twelve month low of $289.77 and a twelve month high of $495.00. 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 price of $345.65 and a two-hundred day moving average price of $366.28. The company has a market cap of $1.65 trillion, a P/E ratio of 44.09 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results 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. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The company had revenue of $29.59 billion during the quarter, compared to analysts' expectations of $29.24 billion. During the same period last year, the business earned $1.69 EPS. The business's quarterly revenue was up 85.5% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom News Roundup

Investors following AVGO have been watching these news items:

• Positive Sentiment: Coverage of Anthropic points to substantial cash and rising revenue as support for its large commitment involving Broadcom, bolstering confidence in the AI partnership and related chip demand. Anthropic's S-1 Strengthens the Case for Broadcom's AI Growth
• 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 research analysts recently commented on AVGO shares. JPMorgan Chase & Co. restated a "buy" rating on shares of Broadcom in a report on Thursday, September 3rd. Truist Financial cut their price objective on shares of Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a research report on Thursday, September 3rd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $600.00 target price on shares of Broadcom in a research note on Tuesday, October 27th. Fox Advisors upgraded Broadcom to an "outperform" rating in a report on Thursday, September 3rd. Finally, William Blair downgraded Broadcom from an "outperform" rating to a "market perform" rating in a research note on Tuesday, October 27th. One equities research 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 stock. According to data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $530.52.

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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