Axxcess Wealth Management LLC Sells 2,357 Shares of Broadcom Inc. $AVGO

Key Points

• Axxcess Wealth Management LLC trimmed its Broadcom stake by 1.3% in the fourth quarter, selling 2,357 shares and leaving it with 183,452 shares valued at about $63.5 million.
• Broadcom posted strong quarterly results, with EPS of $2.44 beating estimates and revenue of $22.19 billion topping forecasts, while revenue jumped 47.9% year over year.
• Analyst sentiment remains upbeat, with multiple firms raising price targets and Broadcom carrying a consensus “Moderate Buy” rating and average target price of $490.13.

Axxcess Wealth Management LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 183,452 shares of the semiconductor manufacturer's stock after selling 2,357 shares during the period. Broadcom makes up approximately 0.7% of Axxcess Wealth Management LLC's holdings, making the stock its 17th biggest position. Axxcess Wealth Management LLC's holdings in Broadcom were worth $63,492,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Corient Private Wealth LLC boosted its stake in shares of Broadcom by 69.8% during the 4th quarter. Corient Private Wealth LLC now owns 6,179,908 shares of the semiconductor manufacturer's stock worth $2,138,866,000 after acquiring an additional 2,539,849 shares in the last quarter. Jacobs Equity LLC bought a new position in shares of Broadcom in the 4th quarter valued at approximately $462,000. Alberta Investment Management Corp raised its stake in shares of Broadcom by 114.0% in the 4th quarter. Alberta Investment Management Corp now owns 174,000 shares of the semiconductor manufacturer's stock valued at $60,221,000 after acquiring an additional 92,700 shares in the last quarter. CrossGen Wealth LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $5,232,000. Finally, Strive Financial Group LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $387,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on AVGO shares. KeyCorp reiterated an "overweight" rating and set a $575.00 price target (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. Seaport Research Partners reissued a "neutral" rating on shares of Broadcom in a research report on Wednesday, April 8th. Wells Fargo & Company restated an "overweight" rating and issued a $545.00 price objective (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. Weiss Ratings upgraded shares of Broadcom from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, June 9th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $525.00 target price on shares of Broadcom in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $490.13.

Broadcom Stock Performance

NASDAQ AVGO opened at $411.35 on Friday. The company's fifty day moving average is $410.21 and its two-hundred day moving average is $363.17. Broadcom Inc. has a 52-week low of $244.17 and a 52-week high of $495.00. 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 capitalization of $1.96 trillion, a price-to-earnings ratio of 68.56, a P/E/G ratio of 0.69 and a beta of 1.41.

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

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, June 22nd. Broadcom's payout ratio is currently 43.33%.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom expanded its cash tender offers for outstanding debt to $3 billion from $2.5 billion after strong investor demand, which can be viewed as a sign of balance-sheet management and helped lift sentiment toward the stock. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan reiterated a bullish view, saying investors should be “aggressive buyers” and arguing the market is underestimating Broadcom’s long-term AI opportunity, reinforcing the rally in AVGO. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also highlighted Broadcom as a top chip stock on soaring data-center demand, adding to optimism around AI-driven revenue growth. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions totaling more than 8,100 shares. The sales are notable, but they represent relatively small reductions in a large personal holding and do not necessarily signal a change in the company’s outlook. Mark David Brazeal insider trading page

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 4,825 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $394.91, for a total value of $1,905,440.75. Following the completion of the transaction, the insider owned 269,989 shares of the company's stock, valued at $106,621,355.99. This represents a 1.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm'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 of the company's stock, valued at $271,759,532.32. This represents a 1.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 59,385 shares of company stock worth $21,301,057. 1.90% of the stock is currently owned by company insiders.

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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