Broadcom Inc. $AVGO Shares Purchased by AlphaCore Capital LLC

Key Points

• AlphaCore Capital increased its Broadcom stake by 18% in the third quarter, adding 17,167 shares to reach 112,671 shares valued at about $39.6 million. Institutional investors collectively own 76.43% of Broadcom.
• Broadcom reported quarterly EPS of $3.32, beating estimates of $3.22, and revenue of $29.59 billion, up 85.5% year over year. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $530.52.
• The stock opened at $345.22, below its 200-day moving average of $366.28. Broadcom’s quarterly dividend is $0.65 per share, equivalent to an annualized yield of 0.8%.

AlphaCore Capital LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 112,671 shares of the semiconductor manufacturer's stock after purchasing an additional 17,167 shares during the quarter. AlphaCore Capital LLC's holdings in Broadcom were worth $39,569,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Core Capital Management & Research inc. acquired a new stake in shares of Broadcom in the 2nd quarter worth about $31,000. DecisionPoint Financial LLC boosted 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 purchasing an additional 53 shares during the period. Harborfront Financial Group LLC purchased a new position in Broadcom during the 2nd quarter valued at about $38,000. Align Financial LLC grew its holdings in shares of Broadcom by 67.2% during the 3rd quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer's stock valued at $38,000 after acquiring an additional 45 shares in the last quarter. Finally, Curry Webb Wealth Management LLC bought a new stake in shares of Broadcom in the 3rd quarter valued at approximately $41,000. Institutional investors own 76.43% of the company's stock.

Key Broadcom News

Investors following AVGO have been watching these news items:

• 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 Price Performance

Shares of NASDAQ:AVGO opened at $345.22 on Thursday. Broadcom Inc. has a 1-year low of $289.77 and a 1-year high of $495.00. The stock's fifty day simple moving average is $345.65 and its two-hundred day simple moving average is $366.28. The stock has a market cap of $1.65 trillion, a PE ratio of 44.09 and a beta of 1.49. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.10. The company had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. Broadcom's quarterly revenue was up 85.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.69 earnings per share. As a group, analysts forecast that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Analyst Ratings Changes

AVGO has been the topic of a number of recent analyst reports. Wedbush started coverage on shares of Broadcom in a research report on Tuesday, October 27th. They issued an "outperform" rating on the stock. Tigress Financial began coverage on Broadcom in a research report on Thursday, October 22nd. They set a "buy" rating and a $600.00 price target on the stock. Weiss Ratings upgraded shares of Broadcom from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Evercore set a $578.00 price objective on Broadcom and gave the company an "outperform" rating in a report on Thursday, September 3rd. Finally, BNP Paribas Exane raised their target price on shares of Broadcom from $675.00 to $715.00 and gave the company an "outperform" rating in a research note on Friday, September 4th. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $530.52.

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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