Broadcom Inc. $AVGO Shares Sold by Mitchell & Pahl Private Wealth LLC

Key Points

• Mitchell & Pahl Private Wealth LLC reduced its Broadcom stake by 24.3% in the first quarter, selling 5,689 shares and ending with 17,700 shares valued at about $5.48 million.
• Broadcom’s latest results topped expectations, with quarterly EPS of $2.44 versus $2.40 expected and revenue of $22.19 billion, up 47.9% year over year.
• Wall Street remains constructive on AVGO, with analysts assigning a “Moderate Buy” consensus and an average price target of $493.24, while the company also paid a quarterly dividend of $0.65 per share.

Mitchell & Pahl Private Wealth LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,700 shares of the semiconductor manufacturer's stock after selling 5,689 shares during the quarter. Broadcom accounts for approximately 2.2% of Mitchell & Pahl Private Wealth LLC's portfolio, making the stock its 2nd largest position. Mitchell & Pahl Private Wealth LLC's holdings in Broadcom were worth $5,478,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. ROSS JOHNSON & Associates LLC raised its holdings in shares of Broadcom by 1,320.0% in the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock worth $25,000 after acquiring an additional 66 shares during the last quarter. Networth Advisors LLC lifted its position in Broadcom by 546.2% in the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer's stock valued at $26,000 after acquiring an additional 71 shares in the last quarter. SWAN Capital LLC boosted its stake in Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock valued at $26,000 after purchasing an additional 55 shares during the last quarter. Miller Global Investments LLC acquired a new position in Broadcom during the 4th quarter valued at about $31,000. Finally, Nvest Wealth Strategies Inc. acquired a new position in Broadcom during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO traded down $9.52 on Tuesday, reaching $364.38. 3,510,409 shares of the company's stock traded hands, compared to its average volume of 26,287,150. The stock's 50 day simple moving average is $407.92 and its two-hundred day simple moving average is $362.49. The stock has a market cap of $1.73 trillion, a PE ratio of 60.82, a PEG ratio of 0.63 and a beta of 1.45. Broadcom Inc. has a 52-week low of $269.58 and a 52-week high of $495.00. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business's revenue was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.58 earnings per share. On average, analysts forecast that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom's payout ratio is presently 43.33%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVGO. UBS Group set a $485.00 price objective on Broadcom and gave the stock a "buy" rating in a research note on Thursday, June 4th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Broadcom in a research report on Wednesday, April 8th. Zacks Research downgraded Broadcom from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 21st. Wells Fargo & Company reissued an "overweight" rating and issued a $545.00 price target (up from $430.00) on shares of Broadcom in a research report on Thursday, May 14th. Finally, DA Davidson raised their price objective on Broadcom from $375.00 to $400.00 and gave the company a "neutral" rating in a research note 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 given a Hold rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $493.24.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s expanded partnership with Apple through 2031 should support long-term chip demand and strengthen confidence in its custom silicon growth story. Reuters: Broadcom, Apple extend chip partnership through 2031
• Positive Sentiment: Broadcom is being highlighted as a key AI infrastructure and edge-AI player, which supports the stock’s premium valuation. Seeking Alpha: Broadcom's AI Infrastructure Model Justifies Its Premium Valuation
• Positive Sentiment: Analyst and investor commentary continues to point to Broadcom’s custom AI silicon growth as a reason estimates may keep moving higher. Yahoo Finance: Why Broadcom Inc.’s Custom AI Silicon Growth Still Supports Its Estimate Story
• Neutral Sentiment: Broader semiconductor momentum has helped AVGO alongside other chip names, adding a sector tailwind to the stock. Yahoo Finance: Allegro MicroSystems and Penguin Solutions Shares Skyrocket
• Negative Sentiment: Some recent coverage warns that Broadcom’s largest AI customer may be shifting business to MediaTek, which could raise questions about customer concentration in its AI chip franchise. MSN: Broadcom’s largest AI customer is fleeing to MediaTek
• Negative Sentiment: One analyst note also said AVGO had been under pressure recently after a weaker near-term outlook and limited improvement to the longer-term AI revenue picture. Zacks: Broadcom Drops 9% in a Month

Insider Buying and Selling

In related news, Director Justine Page sold 2,018 shares of the business's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total value of $712,354.00. Following the transaction, the director directly owned 18,164 shares of the company's stock, valued at approximately $6,411,892. The trade was a 10.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 4,825 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $394.91, for a total transaction of $1,905,440.75. Following the transaction, the insider owned 269,989 shares of the company's stock, valued at approximately $106,621,355.99. The trade was a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 60,987 shares of company stock worth $21,899,980 in the last ninety days. Corporate insiders own 1.90% of the company's stock.

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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