Allworth Financial LP Boosts Holdings in Broadcom Inc. $AVGO

Key Points

• Allworth Financial LP increased its Broadcom stake by 22.9% in the fourth quarter, buying 82,263 additional shares and bringing its total holding to 441,839 shares valued at about $152.9 million.
• Broadcom reported a strong fiscal quarter, with EPS of $2.05 topping estimates and revenue of $19.31 billion also beating forecasts, while revenue rose 29.5% year over year.
• Despite recent insider sales by executives including S. Ram Velaga and CFO Kirsten M. Spears, Wall Street remains bullish on AVGO, with several firms reiterating buy ratings and targets near $500.

Allworth Financial LP boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 22.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 441,839 shares of the semiconductor manufacturer's stock after buying an additional 82,263 shares during the quarter. Broadcom makes up about 0.6% of Allworth Financial LP's investment portfolio, making the stock its 22nd largest holding. Allworth Financial LP's holdings in Broadcom were worth $152,920,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Idaho Trust Co lifted its position in shares of Broadcom by 3.0% in the fourth quarter. Idaho Trust Co now owns 2,110 shares of the semiconductor manufacturer's stock valued at $730,000 after acquiring an additional 61 shares in the last quarter. Freemont Management S.A. increased its holdings in Broadcom by 619.7% in the 4th quarter. Freemont Management S.A. now owns 51,100 shares of the semiconductor manufacturer's stock valued at $17,686,000 after acquiring an additional 44,000 shares during the last quarter. Grey Ledge Advisors LLC increased its holdings in Broadcom by 5.3% in the 4th quarter. Grey Ledge Advisors LLC now owns 1,024 shares of the semiconductor manufacturer's stock valued at $354,000 after acquiring an additional 52 shares during the last quarter. Foundry Financial Group Inc. lifted its stake in Broadcom by 12.7% in the 4th quarter. Foundry Financial Group Inc. now owns 1,203 shares of the semiconductor manufacturer's stock worth $416,000 after purchasing an additional 136 shares in the last quarter. Finally, Catalyst Financial Partners LLC boosted its holdings in shares of Broadcom by 5.5% during the 4th quarter. Catalyst Financial Partners LLC now owns 26,044 shares of the semiconductor manufacturer's stock valued at $9,014,000 after purchasing an additional 1,352 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In related news, insider S. Ram Velaga sold 38,841 shares of Broadcom stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $12,491,265.60. Following the completion of the sale, the insider owned 96,147 shares in the company, valued at $30,920,875.20. This trade represents a 28.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 36,292 shares of Broadcom stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $11,671,507.20. Following the sale, the chief financial officer directly owned 327,760 shares of the company's stock, valued at $105,407,616. This represents a 9.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 324,282 shares of company stock worth $106,425,249. Insiders own 1.90% of the company's stock.

Broadcom Trading Down 2.3%

AVGO stock opened at $411.07 on Wednesday. Broadcom Inc. has a twelve month low of $226.18 and a twelve month high of $442.36. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. The firm's fifty day simple moving average is $368.97 and its two-hundred day simple moving average is $355.08. The stock has a market capitalization of $1.95 trillion, a price-to-earnings ratio of 80.29, a price-to-earnings-growth ratio of 0.87 and a beta of 1.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. The company had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm's revenue was up 29.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.60 EPS. As a group, analysts anticipate that Broadcom Inc. will post 9.97 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were issued a dividend of $0.65 per share. The ex-dividend date was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom's payout ratio is presently 50.78%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Citigroup reaffirmed a "buy" rating and issued a $500.00 target price (up from $475.00) on shares of Broadcom in a report on Tuesday, May 12th. Rosenblatt Securities reiterated a "buy" rating and set a $500.00 target price on shares of Broadcom in a research report on Tuesday, April 7th. TD Cowen reissued a "buy" rating and issued a $500.00 target price (up from $405.00) on shares of Broadcom in a report on Friday. Mizuho restated an "outperform" rating and issued a $480.00 price target on shares of Broadcom in a research report on Thursday, April 16th. Finally, Zacks Research raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $448.10.

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom renewed its long-running technology partnership with LSEG in a new five-year agreement centered on VMware Cloud Foundation, expanding Broadcom’s role in LSEG’s private cloud infrastructure and adding professional services revenue potential. LSEG renews Broadcom partnership to expand cloud infrastructure strategy (AVGO)
• Positive Sentiment: Wall Street remains bullish on AVGO, with recent analyst updates and price targets pointing to confidence in Broadcom’s AI-driven growth and leadership in semiconductor and infrastructure software. Wall Street sets Broadcom stock price target for next 12 months
• Neutral Sentiment: Recent coverage continues to highlight Broadcom as a major AI infrastructure beneficiary, with analysts favoring AVGO over some peers because of its strong AI revenue growth and broad demand trends. ALAB vs. AVGO: Which AI Infrastructure Stock Is the Better Buy Now?
• Neutral Sentiment: Broader market commentary and stock-search interest have kept AVGO in the spotlight, but these items do not point to a direct fundamental change. Investors Heavily Search Broadcom Inc. (AVGO): Here is What You Need to Know
• Negative Sentiment: AVGO had recently been trading lower at times, reflecting some profit-taking even as the longer-term story remains tied to AI and enterprise software growth. Broadcom Inc. (AVGO) Declines More Than Market: Some Information for Investors

Broadcom 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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