Broadcom Inc. $AVGO is Campbell Newman Asset Management Inc.'s 3rd Largest Position

Key Points

• Campbell Newman Asset Management trimmed its Broadcom stake by 9.8% in the second quarter, but the 176,981 shares remaining were worth $66.9 million and represented about 5% of its portfolio, making Broadcom its third-largest holding.
• Broadcom reported quarterly earnings of $2.44 per share, exceeding estimates, while revenue rose 47.9% year over year to $22.19 billion. The company also declared a quarterly dividend of $0.65 per share.
• Analysts remain broadly bullish, with 28 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $493.24 versus the reported share price of $393.05.

Campbell Newman Asset Management Inc. trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 176,981 shares of the semiconductor manufacturer's stock after selling 19,138 shares during the period. Broadcom makes up approximately 5.0% of Campbell Newman Asset Management Inc.'s portfolio, making the stock its 3rd biggest holding. Campbell Newman Asset Management Inc.'s holdings in Broadcom were worth $66,855,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. Norges Bank bought a new position in shares of Broadcom in the 4th quarter worth $24,252,196,000. Cardano Risk Management B.V. raised its position in shares of Broadcom by 895.2% during the 4th quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer's stock valued at $4,391,940,000 after buying an additional 11,414,701 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Broadcom by 118.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 18,739,006 shares of the semiconductor manufacturer's stock worth $5,799,889,000 after acquiring an additional 10,145,377 shares during the last quarter. State Street Corp lifted its holdings in shares of Broadcom by 2.7% during the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock worth $65,788,194,000 after acquiring an additional 5,040,801 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock worth $167,064,997,000 after acquiring an additional 3,919,715 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $393.05 on Friday. The stock has a market cap of $1.87 trillion, a PE ratio of 65.51, a PEG ratio of 0.75 and a beta of 1.45. The company's fifty day moving average is $389.79 and its 200 day moving average is $373.30. Broadcom Inc. has a 52 week low of $281.87 and a 52 week high of $495.00. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $22.13 billion. During the same period in the previous year, the firm posted $1.58 earnings per share. The firm's revenue for the quarter was up 47.9% on a year-over-year basis. Research analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were issued a $0.65 dividend. The ex-dividend date was Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom's payout ratio is currently 43.33%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $401.33, for a total value of $10,033,250.00. Following the completion of the sale, the insider owned 194,989 shares of the company's stock, valued at approximately $78,254,935.37. The trade was a 11.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 1,890 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total value of $728,368.20. Following the sale, the director owned 31,326 shares of the company's stock, valued at $12,072,413.88. This represents a 5.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 61,644 shares of company stock worth $24,016,214. Insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AVGO. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $515.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, June 4th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Broadcom in a research note on Monday, August 3rd. Truist Financial upped their price objective on Broadcom from $545.00 to $550.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Oppenheimer reiterated an "outperform" rating and set a $535.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, June 4th. Finally, Royal Bank Of Canada raised their price objective on Broadcom from $360.00 to $400.00 and gave the company a "sector perform" rating in a report on Thursday, June 4th. Twenty-eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus target price of $493.24.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s custom-silicon and XPU opportunity remains a key long-term catalyst. Analysts and commentators point to accelerating AI infrastructure spending, major customer agreements, and potential growth in custom chips and networking. Broadcom: XPU Growth Trajectory Underestimated, Stock A Bargain
• Positive Sentiment: Wall Street’s average price target implies substantial upside from recent trading levels, supporting the bullish view that the market may be underestimating Broadcom’s AI growth trajectory. Broadcom is Down Over 3 Months: One Wall Street Pro Sees 60%+ Gains Ahead
• Positive Sentiment: Continued institutional interest, including purchases by GAMCO Investors and Cathie Wood’s reported investment, provides some additional support for the stock’s long-term AI investment case. Cathie Wood buys $16.2 million of Broadcom

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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