Apollon Wealth Management LLC Boosts Position in Broadcom Inc. $AVGO

Key Points

• Apollon Wealth Management LLC increased its Broadcom stake by 6.1% in the first quarter, buying 16,452 additional shares and bringing its total holding to 287,546 shares worth about $88.998 million.
• Broadcom’s latest earnings topped expectations, with quarterly EPS of $2.44 versus $2.40 expected and revenue of $22.19 billion, up 47.9% year over year. Analysts now expect the company to earn 10.24 EPS for the current fiscal year.
• Wall Street remains broadly bullish on AVGO, with multiple firms raising price targets and the consensus rating staying at “Moderate Buy” with an average target price of $493.24. The stock also recently paid a quarterly dividend of $0.65 per share, or $2.60 annualized.

Apollon Wealth Management LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 287,546 shares of the semiconductor manufacturer's stock after purchasing an additional 16,452 shares during the period. Broadcom comprises 1.4% of Apollon Wealth Management LLC's investment portfolio, making the stock its 10th largest position. Apollon Wealth Management LLC's holdings in Broadcom were worth $88,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Brown Brothers Harriman & Co. lifted its stake in shares of Broadcom by 10.7% in the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock worth $25,539,000 after buying an additional 7,499 shares in the last quarter. Sovran Advisors LLC lifted its position in Broadcom by 121.3% in the 4th quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer's stock valued at $10,507,000 after acquiring an additional 16,789 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Broadcom by 406.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer's stock valued at $4,151,000 after purchasing an additional 9,624 shares during the last quarter. Aspiriant LLC increased its holdings in shares of Broadcom by 18.5% in the 4th quarter. Aspiriant LLC now owns 12,016 shares of the semiconductor manufacturer's stock worth $4,158,000 after purchasing an additional 1,872 shares in the last quarter. Finally, World Investment Advisors increased its holdings in shares of Broadcom by 16.1% in the 4th quarter. World Investment Advisors now owns 177,710 shares of the semiconductor manufacturer's stock worth $61,505,000 after purchasing an additional 24,703 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

AVGO opened at $360.45 on Friday. The company has a 50 day simple moving average of $409.17 and a two-hundred day simple moving average of $362.34. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. The firm has a market cap of $1.71 trillion, a P/E ratio of 60.08, a PEG ratio of 0.65 and a beta of 1.45. Broadcom Inc. has a 1-year low of $269.58 and a 1-year high of $495.00.

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

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were issued a $0.65 dividend. The ex-dividend date was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom's dividend payout ratio is presently 43.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AVGO shares. Susquehanna reiterated a "positive" rating and issued a $490.00 price objective (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. Bank of America upped their target price on shares of Broadcom from $450.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Oppenheimer reaffirmed an "outperform" rating and set a $535.00 price target (up from $450.00) on shares of Broadcom in a report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $515.00 price target (up from $430.00) on shares of Broadcom in a research note on Thursday, June 4th. Finally, Truist Financial boosted their price objective on shares of Broadcom from $545.00 to $550.00 and gave the company a "buy" rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $493.24.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total value of $3,452,300.00. Following the completion of the sale, the insider owned 787,184 shares in the company, valued at approximately $271,759,532.32. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 4,825 shares of Broadcom stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $394.91, for a total value of $1,905,440.75. Following the completion of the sale, the insider owned 269,989 shares of the company's stock, valued at $106,621,355.99. The trade was a 1.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 60,987 shares of company stock valued at $21,899,980. Company insiders own 1.90% of the company's stock.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Wall Street remains upbeat on Broadcom’s AI growth story, with UBS reaffirming a Buy rating and $485 target on strong AI ASIC demand tied to customers like OpenAI and Anthropic. UBS Reaffirms Buy Rating on Broadcom (AVGO) Amid AI ASIC Demand and OpenAI, Anthropic Growth
• Positive Sentiment: Several recent pieces point to Broadcom’s expanding role in custom AI silicon and its OpenAI-related accelerator work, reinforcing the long-term revenue opportunity from AI infrastructure spending.
• Positive Sentiment: Analysts continue to view recent weakness as a buying opportunity, with multiple firms maintaining bullish targets well above the current share price.
• Neutral Sentiment: Commentary this week also highlighted Broadcom as a major beneficiary of the broader semiconductor and AI trade, but much of that optimism simply reiterates an already well-known investment thesis.
• Negative Sentiment: Director Justine Page sold 1,602 shares at $373.86, adding to recent insider-selling headlines that can make investors cautious. SEC Form 4 filing for Justine Page sale
• Negative Sentiment: Broadcom’s post-earnings pullback has continued to draw attention, as investors worry the company’s strong results and guidance still weren’t enough to satisfy very high expectations.

About Broadcom

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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