Broadcom Inc. $AVGO is Ascentis Independent Advisors' 7th Largest Position

Key Points

• Ascentis Independent Advisors boosted its Broadcom stake by 54.5% in the first quarter, making AVGO its 7th-largest holding at 56,265 shares worth about $17.4 million.
• Broadcom continues to draw bullish analyst sentiment, with multiple firms raising price targets; the consensus rating is now “Moderate Buy” with an average target price of $493.24.
• The company reported strong quarterly results, with EPS of $2.44 and revenue of $22.19 billion, while a new quarterly dividend of $0.65 per share reflects an annual yield of 0.6%.

Ascentis Independent Advisors increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 54.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,265 shares of the semiconductor manufacturer's stock after purchasing an additional 19,856 shares during the period. Broadcom accounts for 1.3% of Ascentis Independent Advisors' holdings, making the stock its 7th biggest holding. Ascentis Independent Advisors' holdings in Broadcom were worth $17,415,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AVGO. ROSS JOHNSON & Associates LLC raised its holdings in Broadcom by 1,320.0% in the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock worth $25,000 after purchasing an additional 66 shares in the last quarter. Networth Advisors LLC grew its position in shares of Broadcom by 546.2% in the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer's stock worth $26,000 after buying an additional 71 shares during the last quarter. SWAN Capital LLC grew its position in shares of Broadcom by 261.9% in the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock worth $26,000 after buying an additional 55 shares during the last quarter. Miller Global Investments LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $31,000. Finally, Nvest Wealth Strategies Inc. bought a new position in shares of Broadcom during the 4th quarter worth approximately $33,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AVGO. Wells Fargo & Company restated an "overweight" rating and issued a $545.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. Erste Group Bank reiterated a "hold" rating on shares of Broadcom in a report on Tuesday. The Goldman Sachs Group reissued a "buy" rating and issued a $525.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Rosenblatt Securities restated a "buy" rating and set a $500.00 target price on shares of Broadcom in a research note on Thursday, June 4th. Finally, Benchmark upped their target price on Broadcom from $485.00 to $545.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $493.24.

Insider Activity

In related news, Director Harry L. You acquired 1,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The stock was acquired at an average price of $373.57 per share, with a total value of $373,570.00. Following the acquisition, the director directly owned 38,466 shares in the company, valued at $14,369,743.62. This represents a 2.67% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 1,602 shares of the company's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the completion of the sale, the director owned 17,426 shares in the company, valued at $6,514,884.36. The trade was a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,754 shares of company stock valued at $3,774,846 in the last quarter. 1.90% of the stock is currently owned by company insiders.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Apple’s multiyear agreement to buy more than $30 billion of Broadcom chips through 2031 reinforces demand for Broadcom’s custom silicon and U.S. manufacturing strategy. Reuters: Apple to spend $30 billion in Broadcom chips deal that will see Colorado factory expand
• Positive Sentiment: Wall Street remains upbeat on Broadcom’s AI chip momentum, with Jefferies reiterating a Buy rating and a $550 price target on improving AI-related growth prospects. Broadcom’s (AVGO) AI Chip Momentum Keeps Wall Street Bullish
• Positive Sentiment: Broader semiconductor sentiment improved as the AI trade rebounded, with analysts and market commentators viewing the recent selloff as a buying opportunity for chip stocks like Broadcom. Broadcom, Intel, Corning, Marvell, and More Stocks That Explain Today's Market
• Neutral Sentiment: Zacks highlighted Broadcom as a dividend-paying AI infrastructure name, underscoring its mix of income and AI exposure, but this was more of a stock-picking view than a new company-specific catalyst. These Dividend Paying Stocks Offer Strong Exposure to AI Trends
• Negative Sentiment: Erste Group downgraded Broadcom to Hold, citing valuation concerns, which may temper some of the enthusiasm after the recent rally. Erste Group downgrades Broadcom to Hold citing valuation concerns

Broadcom Stock Performance

Shares of AVGO stock opened at $401.11 on Friday. The firm has a market capitalization of $1.91 trillion, a price-to-earnings ratio of 66.85, a price-to-earnings-growth ratio of 0.68 and a beta of 1.45. 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 business has a fifty day moving average of $405.40 and a 200 day moving average of $363.87. 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 issued 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. The firm 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 firm's revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.58 earnings per share. As a group, research analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. The ex-dividend date was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. Broadcom's dividend payout ratio (DPR) is presently 43.33%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.