Allstate Corp Boosts Stock Position in Broadcom Inc. $AVGO

Key Points

• Allstate Corp increased its stake in Broadcom Inc. by 16.5% to own 153,346 shares, valued at approximately $25.7 million, making it the 21st largest holding in their investment portfolio.
• Broadcom recently reported earnings, with a 20.2% increase in revenue year-over-year, totaling $15 billion, and an EPS of $1.58, slightly beating analysts' expectations.
• Insider transactions included significant sales by directors; Henry Samueli sold 473,898 shares worth over $125 million, reflecting a 1.23% decrease in his ownership.

Allstate Corp lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 153,346 shares of the semiconductor manufacturer's stock after buying an additional 21,679 shares during the period. Broadcom makes up 0.8% of Allstate Corp's investment portfolio, making the stock its 21st largest holding. Allstate Corp's holdings in Broadcom were worth $25,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the first quarter worth $25,000. Cheviot Value Management LLC purchased a new position in Broadcom during the first quarter worth $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the 4th quarter valued at about $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,286,457 in the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.5%

NASDAQ:AVGO opened at $289.60 on Friday. The company has a market cap of $1.36 trillion, a P/E ratio of 108.46, a price-to-earnings-growth ratio of 2.07 and a beta of 1.15. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The business has a 50 day moving average price of $281.94 and a two-hundred day moving average price of $231.84. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%.The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.96 EPS. Broadcom has set its Q3 2025 guidance at EPS. As a group, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's payout ratio is presently 88.39%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AVGO shares. KeyCorp lifted their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Evercore ISI reissued an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Oppenheimer increased their price objective on shares of Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Mizuho increased their target price on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Finally, Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $295.96.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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