Axxcess Wealth Management LLC Sells 69,628 Shares of Broadcom Inc. $AVGO

Key Points

• Axxcess Wealth Management cut its Broadcom stake by 38.3%, selling 69,628 shares in the third quarter and retaining 112,029 shares valued at approximately $39.3 million.
• Institutional ownership remains strong at 76.43%, with major investors including State Street, Bank of America, Wellington Management and UBS increasing their positions.
• Broadcom reported quarterly earnings and revenue above analyst expectations, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $529.17.

Axxcess Wealth Management LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 38.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 112,029 shares of the semiconductor manufacturer's stock after selling 69,628 shares during the period. Broadcom makes up about 1.6% of Axxcess Wealth Management LLC's holdings, making the stock its 8th biggest position. Axxcess Wealth Management LLC's holdings in Broadcom were worth $39,343,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in AVGO. State Street Corp grew its position in shares of Broadcom by 8.7% during the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock worth $75,367,711,000 after buying an additional 16,651,378 shares during the period. Bank of America Corp DE increased its stake in shares of Broadcom by 4.6% in the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock valued at $23,202,543,000 after acquiring an additional 2,685,916 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Broadcom by 3.8% in the 2nd quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $19,484,611,000 after acquiring an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Broadcom by 2.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock valued at $15,178,195,000 after acquiring an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Broadcom during the 2nd quarter valued at $11,998,148,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Rosenblatt Securities initiated coverage on shares of Broadcom in a research note on Thursday, September 3rd. They set a "buy" rating and a $600.00 target price on the stock. Citic Securities raised shares of Broadcom to a "buy" rating and lifted their price target for the company from $450.00 to $525.00 in a research note on Tuesday, September 8th. Bank of America decreased their price target on shares of Broadcom from $530.00 to $460.00 and set a "buy" rating for the company in a research note on Thursday, September 3rd. UBS Group lowered shares of Broadcom from a "buy" rating to a "hold" rating in a report on Thursday, September 3rd. Finally, Piper Sandler initiated coverage on shares of Broadcom in a research report on Wednesday, September 9th. They set an "overweight" rating and a $460.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $529.17.

Broadcom Stock Performance

NASDAQ AVGO opened at $321.68 on Friday. The company has a market cap of $1.54 trillion, a P/E ratio of 41.08 and a beta of 1.46. The company has a fifty day simple moving average of $356.05 and a 200 day simple moving average of $384.25. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. Broadcom Inc. has a 12-month low of $289.96 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $29.59 billion for the quarter, compared to the consensus estimate of $29.24 billion. During the same quarter in the prior year, the company posted $1.69 earnings per share. The business's revenue was up 85.5% on a year-over-year basis. Sell-side analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: ETF investors bought approximately $89.8 million of Broadcom shares on October 21, signaling continued institutional demand. Broadcom Sees $89.8 Million in Net ETF Buying
• Positive Sentiment: Analysts continue to highlight Broadcom’s leadership in custom AI accelerators. Demand from major AI labs and hyperscalers, including Anthropic, OpenAI and Meta, supports management’s ambitious long-term AI semiconductor growth outlook. 3 Magnificent AI Chip Stocks
• Positive Sentiment: Tigress Financial initiated coverage with a Buy rating and a $600 price target, implying substantial upside from recent trading levels. Tigress Financial Broadcom Coverage
• Positive Sentiment: Broadcom launched Arcot Scam Defense, a real-time fraud-detection feature for digital payments. Strong initial pilot results could create incremental growth for its software and security businesses. Broadcom Debuts Arcot Scam Defense
• Neutral Sentiment: Broadcom remains the leading custom-chip design partner, but Alphabet is diversifying its TPU suppliers. Although Broadcom may lose market share, the overall AI accelerator market is expected to expand rapidly, potentially offsetting that loss. Broadcom AI Chip Business Risks
• Negative Sentiment: Investors are worried that customer-owned chip design and increased competition from MediaTek could reduce Broadcom’s role and margins in future AI programs. Alphabet’s supplier diversification is the clearest near-term risk. Broadcom AI Chip Business Risks
• Negative Sentiment: The broader market sell-off is weighing on AI stocks amid higher oil prices, inflation concerns and questions about whether massive data-center investments will generate sufficient returns. Technical commentary identifies the $320 area as an important support test. Broadcom Faces Critical $320 Test

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company's semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.

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