Broadcom Inc. $AVGO Shares Sold by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management reduced its Broadcom stake by 3.5% in Q1, selling 6,382 shares and leaving it with 177,070 shares valued at about $54.8 million.
• Several major Wall Street firms remain bullish on Broadcom, with recent price targets ranging from $490 to $582 and a consensus rating of Moderate Buy.
• Broadcom’s latest earnings beat expectations, and the company is benefiting from strong AI-related demand as well as a $30 billion expanded Apple agreement that adds visibility to future revenue.

Axxcess Wealth Management LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 177,070 shares of the semiconductor manufacturer's stock after selling 6,382 shares during the period. Broadcom comprises approximately 1.8% of Axxcess Wealth Management LLC's holdings, making the stock its 14th largest holding. Axxcess Wealth Management LLC's holdings in Broadcom were worth $54,805,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Vanguard Group Inc. boosted its stake in Broadcom by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock valued at $167,064,997,000 after acquiring an additional 3,919,715 shares during the last quarter. State Street Corp increased its position in shares of Broadcom by 2.7% in the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock worth $65,788,194,000 after purchasing an additional 5,040,801 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Broadcom by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 111,277,280 shares of the semiconductor manufacturer's stock valued at $38,396,634,000 after purchasing an additional 1,548,699 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Broadcom by 3.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 85,546,083 shares of the semiconductor manufacturer's stock valued at $29,607,500,000 after purchasing an additional 2,491,644 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Broadcom during the fourth quarter worth about $24,252,196,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Susquehanna reissued a "positive" rating and issued a $490.00 price objective (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $525.00 target price on shares of Broadcom in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price target on Broadcom from $500.00 to $580.00 and gave the company an "overweight" rating in a report on Thursday, June 4th. Evercore reissued an "outperform" rating and set a $582.00 price target on shares of Broadcom in a research report on Tuesday, May 19th. Finally, Morgan Stanley set a $502.00 price objective on Broadcom and gave the stock an "overweight" rating in a research note on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and a consensus price target of $493.24.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s expanded Apple agreement, valued at more than $30 billion through 2031, strengthens visibility for revenue and highlights demand beyond AI chips. Why Broadcom Stock Rose Today
• Positive Sentiment: Analysts remain upbeat on Broadcom’s AI business, with Jefferies reiterating a Buy rating and a $550 price target as AI chip momentum improves. Broadcom’s (AVGO) AI Chip Momentum Keeps Wall Street Bullish
• Positive Sentiment: Broadcom is being viewed as a broader AI infrastructure winner because its networking products help connect large-scale AI systems, expanding the investment thesis beyond GPUs and custom chips. Broadcom stock's latest catalyst targets Nvidia where it looks strongest
• Neutral Sentiment: Some coverage notes Broadcom’s near-$2 trillion market value and strong AI revenue growth, but also suggests much of the good news may already be reflected in the stock. Broadcom Is Less Than 5% From the $2 Trillion Club -- and Apple Just Committed $30 Billion for More Chips
• Negative Sentiment: Erste Group downgraded Broadcom to Hold, citing valuation concerns, which may be limiting upside after the recent rally. Erste Group downgrades Broadcom to Hold citing valuation concerns

Insider Activity

In related news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $379.19, for a total value of $9,479,750.00. Following the completion of the transaction, the insider directly owned 219,989 shares of the company's stock, valued at $83,417,628.91. This represents a 10.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 1,602 shares of the firm's stock in a transaction that occurred on Monday, June 29th. The shares were 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 approximately $6,514,884.36. This represents a 8.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 36,644 shares of company stock worth $13,982,964 over the last ninety days. 1.90% of the stock is owned by company insiders.

Broadcom Stock Performance

AVGO stock traded down $1.14 during mid-day trading on Friday, reaching $399.97. The company had a trading volume of 14,579,242 shares, compared to its average volume of 26,802,910. Broadcom Inc. has a one year low of $269.58 and a one year high of $495.00. The stock has a market capitalization of $1.90 trillion, a P/E ratio of 66.66, a P/E/G ratio of 0.70 and a beta of 1.45. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The stock's 50-day simple moving average is $405.29 and its two-hundred day simple moving average is $364.13.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $22.13 billion. During the same quarter last year, the company earned $1.58 EPS. The company's revenue for the quarter was up 47.9% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid 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 dividend payout ratio (DPR) is presently 43.33%.

Broadcom Company Profile

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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