Bank of New Hampshire Purchases 5,016 Shares of Broadcom Inc. $AVGO

Key Points

• Bank of New Hampshire increased its Broadcom stake by 62.7% in the fourth quarter, buying 5,016 additional shares and bringing its total holdings to 13,022 shares valued at about $4.5 million.
• Broadcom reported better-than-expected quarterly results, with EPS of $2.44 versus the $2.40 estimate and revenue of $22.19 billion, up 47.9% year over year.
• The company also announced a quarterly dividend of $0.65 per share and continues to draw bullish analyst attention, with Wall Street’s consensus rating at “Moderate Buy” and an average target price of $490.13.

Bank of New Hampshire lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 62.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,022 shares of the semiconductor manufacturer's stock after buying an additional 5,016 shares during the period. Broadcom makes up about 1.0% of Bank of New Hampshire's portfolio, making the stock its 27th largest position. Bank of New Hampshire's holdings in Broadcom were worth $4,507,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Brown Brothers Harriman & Co. boosted its holdings in Broadcom by 10.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock valued at $25,539,000 after acquiring an additional 7,499 shares during the period. Dana Investment Advisors Inc. increased its stake in Broadcom by 2.6% during the third quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer's stock worth $57,325,000 after purchasing an additional 4,442 shares during the period. Sovran Advisors LLC increased its stake in Broadcom by 121.3% during the fourth quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer's stock worth $10,507,000 after purchasing an additional 16,789 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Broadcom by 406.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer's stock worth $4,151,000 after purchasing an additional 9,624 shares in the last quarter. Finally, Siligmueller & Norvid Wealth Advisors LLC acquired a new stake in shares of Broadcom during the third quarter worth about $762,000. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of AVGO opened at $411.35 on Monday. Broadcom Inc. has a twelve month low of $244.17 and a twelve month high of $495.00. The firm's fifty day simple moving average is $411.42 and its 200-day simple moving average is $363.34. The firm has a market capitalization of $1.96 trillion, a price-to-earnings ratio of 68.56, a PEG ratio of 0.72 and a beta of 1.41. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company's revenue for the quarter was up 47.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.58 EPS. Equities analysts forecast that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Insider Activity at Broadcom

In other Broadcom news, Director Harry L. You acquired 1,000 shares of the stock in a transaction dated Thursday, June 11th. The stock was acquired at an average cost of $373.57 per share, with a total value of $373,570.00. Following the transaction, the director owned 38,466 shares in the company, valued at $14,369,743.62. The trade was a 2.67% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider S. Ram Velaga sold 8,000 shares of the stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the transaction, the insider owned 57,932 shares in the company, valued at approximately $21,464,964.64. The trade was a 12.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 59,385 shares of company stock worth $21,301,057 over the last three months. Company insiders own 1.90% of the company's stock.

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Jefferies Financial Group set a $550.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $515.00 target price (up from $430.00) on shares of Broadcom in a report on Thursday, June 4th. Zacks Research cut shares of Broadcom from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 21st. 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, Seaport Research Partners reaffirmed a "neutral" rating on shares of Broadcom in a research report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $490.13.

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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