Broadcom Inc. $AVGO Position Reduced by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Broadcom stake by 4.8% in the third quarter, selling 149,923 shares; it retained 2,970,325 shares valued at about $1.02 billion.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $530.52; 39 analysts rate the stock Buy and five rate it Hold.
• Broadcom topped quarterly earnings and revenue estimates, reporting EPS of $3.32 and revenue of $29.59 billion; revenue rose 85.5% year over year.

Allspring Global Investments Holdings LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,970,325 shares of the semiconductor manufacturer's stock after selling 149,923 shares during the quarter. Broadcom makes up approximately 1.6% of Allspring Global Investments Holdings LLC's holdings, making the stock its 5th biggest position. Allspring Global Investments Holdings LLC owned about 0.06% of Broadcom worth $1,020,722,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Core Capital Management & Research inc. bought a new stake in Broadcom in the second quarter worth $31,000. Harborfront Financial Group LLC acquired a new stake in Broadcom in the second quarter worth about $38,000. DecisionPoint Financial LLC raised its stake in Broadcom by 101.9% in the 3rd quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer's stock worth $36,000 after acquiring an additional 53 shares during the last quarter. Align Financial LLC boosted its position in Broadcom by 67.2% in the 3rd quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer's stock worth $38,000 after purchasing an additional 45 shares in the last quarter. Finally, Curry Webb Wealth Management LLC purchased a new stake in Broadcom during the 3rd quarter worth approximately $41,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. restated a "buy" rating on shares of Broadcom in a research report on Thursday, September 3rd. UBS Group cut shares of Broadcom from a "hold" rating to a "neutral" rating in a research note on Tuesday, October 27th. Rosenblatt Securities reiterated a "buy" rating and issued a $600.00 target price on shares of Broadcom in a research report on Tuesday, October 27th. Raymond James Financial reiterated an "outperform" rating and set a $475.00 price target (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. Finally, Evercore set a $578.00 price target on shares of Broadcom and gave the company an "outperform" rating in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $530.52.

Broadcom News Roundup

Here's some of the latest news about AVGO:

• Positive Sentiment: Broadcom shares rose more than 3% in extended trading as turmoil around Nvidia’s CEO sent investors toward rival chipmakers, including Broadcom. Nvidia Stock Sinks as Jensen Huang Ouster Report Sends Investors Toward AMD, Broadcom
• Positive Sentiment: Coverage of Anthropic points to substantial cash and rising revenue as support for its large commitment involving Broadcom, bolstering confidence in the AI partnership and related chip demand. Anthropic's S-1 Strengthens the Case for Broadcom's AI Growth
• Neutral Sentiment: Some commentary views Broadcom as a potential beneficiary of continued AI investment, while noting that its shares have retreated from earlier highs. Am I Buying the Dip in Broadcom Stock?

Broadcom Stock Up 4.0%

AVGO stock opened at $345.22 on Thursday. The business has a 50-day simple moving average of $345.65 and a 200 day simple moving average of $366.28. Broadcom Inc. has a 52 week low of $289.77 and a 52 week high of $495.00. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The company has a market cap of $1.65 trillion, a PE ratio of 44.09 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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 company had revenue of $29.59 billion during the quarter, compared to analysts' expectations of $29.24 billion. During the same period in the prior year, the company posted $1.69 earnings per share. Broadcom's revenue for the quarter was up 85.5% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

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

About Broadcom

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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