Broadcom Inc. $AVGO Holdings Lowered by Bahl & Gaynor LLC

Key Points

• Bahl & Gaynor cut its Broadcom stake by 2.6%, selling 68,608 shares, but still held 2.54 million shares valued at about $892 million; Broadcom remained the firm’s second-largest holding.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $525.19. Recent views were mixed, including Rothschild & Co Redburn’s downgrade to neutral and target cut to $398.
• Broadcom beat quarterly earnings and revenue estimates, reporting EPS of $3.32 and revenue of $29.59 billion; revenue rose 85.5% year over year.

Bahl & Gaynor LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,540,602 shares of the semiconductor manufacturer's stock after selling 68,608 shares during the quarter. Broadcom comprises approximately 4.2% of Bahl & Gaynor LLC's holdings, making the stock its 2nd largest holding. Bahl & Gaynor LLC owned 0.05% of Broadcom worth $892,234,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AVGO. Northbridge Financial Group LLC boosted its stake in Broadcom by 3.6% during the 3rd quarter. Northbridge Financial Group LLC now owns 18,787 shares of the semiconductor manufacturer's stock worth $7,060,000 after acquiring an additional 647 shares during the last quarter. Brooklyn FI LLC grew its holdings in Broadcom by 499.5% during the third quarter. Brooklyn FI LLC now owns 3,489 shares of the semiconductor manufacturer's stock valued at $1,136,000 after purchasing an additional 2,907 shares during the period. Moneco Advisors LLC increased its stake in Broadcom by 4.6% in the third quarter. Moneco Advisors LLC now owns 31,391 shares of the semiconductor manufacturer's stock valued at $11,024,000 after purchasing an additional 1,394 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its stake in Broadcom by 0.3% in the third quarter. Mesirow Financial Investment Management Inc. now owns 151,168 shares of the semiconductor manufacturer's stock valued at $53,090,000 after purchasing an additional 485 shares in the last quarter. Finally, Thor Trading Advisors LLC increased its stake in Broadcom by 16.2% in the third quarter. Thor Trading Advisors LLC now owns 5,032 shares of the semiconductor manufacturer's stock valued at $1,767,000 after purchasing an additional 702 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Lake Street Capital raised shares of Broadcom to a "buy" rating in a research report on Thursday, September 3rd. Wall Street Zen lowered shares of Broadcom from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 18th. President Capital upped their price objective on shares of Broadcom from $520.00 to $546.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. HC Wainwright started coverage on Broadcom in a research note on Tuesday, October 27th. They set a "buy" rating on the stock. Finally, Rothschild & Co Redburn lowered Broadcom from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $595.00 to $398.00 in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $525.19.

Broadcom Stock Performance

AVGO opened at $347.01 on Friday. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. Broadcom Inc. has a 12-month low of $289.77 and a 12-month high of $495.00. The business has a 50 day moving average of $345.39 and a 200-day moving average of $366.55. The stock has a market cap of $1.66 trillion, a price-to-earnings ratio of 44.32 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating analysts' consensus estimates of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. During the same period in the prior year, the firm posted $1.69 EPS. The company's revenue for the quarter was up 85.5% on a year-over-year basis. On average, equities research analysts expect that Broadcom Inc. will post 10.20 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors 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 yield of 0.7%. Broadcom's dividend payout ratio is currently 33.21%.

Key Broadcom News

Here's some of the latest news about AVGO:

• Positive Sentiment: Broadcom could benefit as cloud providers diversify beyond NVIDIA and invest in custom AI chips. The company designs custom ASICs for hyperscalers, and Anthropic’s disclosed spending commitments have been cited as support for Broadcom’s growth outlook. Anthropic’s S-1 strengthens the case for Broadcom’s AI growth
• Positive Sentiment: Despite Rothschild & Co Redburn’s downgrade, the articles note that Wall Street’s average price target remains around $533, above the firm’s new $398 target. This suggests some analysts still see substantial upside. Is Rothschild & Co Redburn Wrong to Give Up on Broadcom?
• Neutral Sentiment: Broadcom had recently rallied as investors considered whether NVIDIA’s leadership turmoil could redirect demand to rival chipmakers. NVIDIA’s rebound on Friday, however, prompted some investors to reassess that rotation. AMD, Broadcom stocks fall as Nvidia rebounds

Broadcom Profile

Broadcom Inc. is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics. Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.

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