Broadcom Inc. $AVGO Shares Sold by Moss Adams Wealth Advisors LLC

Key Points

• Moss Adams Wealth Advisors cut its Broadcom stake by 13.5% in the third quarter, selling 2,756 shares; it retained 17,650 shares valued at about $6.2 million.
• Institutional investor moves were mixed: several firms added or opened positions, and hedge funds and other institutions collectively owned 76.43% of Broadcom shares.
• Broadcom reported quarterly revenue of $29.59 billion, up 85.5% year over year, and EPS of $3.32, topping analyst estimates. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $530.52.

Moss Adams Wealth Advisors LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,650 shares of the semiconductor manufacturer's stock after selling 2,756 shares during the quarter. Broadcom accounts for approximately 0.4% of Moss Adams Wealth Advisors LLC's portfolio, making the stock its 23rd largest holding. Moss Adams Wealth Advisors LLC's holdings in Broadcom were worth $6,199,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Cornerstone Advisors LLC acquired a new position in shares of Broadcom in the second quarter worth about $92,522,000. GAMMA Investing LLC grew its stake in Broadcom by 8.8% during the 3rd quarter. GAMMA Investing LLC now owns 164,015 shares of the semiconductor manufacturer's stock valued at $55,889,000 after purchasing an additional 13,317 shares in the last quarter. ANB Bank acquired a new stake in Broadcom during the 3rd quarter valued at approximately $1,181,000. Bank of America Corp DE grew its holdings in Broadcom by 1.5% during the 1st quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer's stock worth $18,179,719,000 after acquiring an additional 894,564 shares in the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new position in Broadcom in the second quarter worth about $3,302,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue reached $16.7 billion, exceeding its $16 billion target, and management expects higher AI revenue next quarter. That supports the view that demand for its custom AI chips remains strong despite competition from Marvell. Article: Is Broadcom Stock a Buy Now?
• Positive Sentiment: ETFs purchased $267.7 million of Broadcom shares on Nov. 2, a sign of institutional demand, though fund flows can be short-lived and do not guarantee further gains. Article: 53 ETFs Add to Broadcom Holdings
• Neutral Sentiment: A report tied midterm-election results and a potential Texas permit freeze to concerns about AI data-center investment. The article does not establish a direct effect on Broadcom, but any broader slowdown in data-center construction could weigh on AI infrastructure suppliers. Article: Steve Weiss Says the Midterms Just Put a Lid on AI Spending
• Negative Sentiment: Broadcom underperformed in a rising market. Coverage describing the session offered no specific explanation, leaving the decline potentially tied to market sentiment or profit-taking rather than a disclosed change in the company’s outlook. Article: Broadcom Stock Slides as Market Rises
• Negative Sentiment: Some commentary flags valuation as a risk, while Broadcom’s custom-chip opportunity depends on customers continuing to develop their own processors. That leaves the stock vulnerable if growth expectations cool or customer plans change. Article: Taiwan Semi or Broadcom

Broadcom Stock Performance

AVGO stock opened at $325.60 on Thursday. 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 capitalization of $1.55 trillion, a price-to-earnings ratio of 41.58 and a beta of 1.49. Broadcom Inc. has a 12 month low of $289.96 and a 12 month high of $495.00. The firm has a 50 day moving average of $350.73 and a two-hundred day moving average of $366.67.

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

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Monday, September 21st. Broadcom's dividend payout ratio (DPR) is currently 33.21%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Fox Advisors upgraded Broadcom to an "outperform" rating in a research note on Thursday, September 3rd. Wall Street Zen cut Broadcom from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. JPMorgan Chase & Co. reiterated a "buy" rating on shares of Broadcom in a research report on Thursday, September 3rd. Wedbush started coverage on Broadcom in a research report on Tuesday, October 27th. They set an "outperform" rating for the company. Finally, HC Wainwright started coverage on Broadcom in a research note on Tuesday, October 27th. They set a "buy" rating for the company. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus price target of $530.52.

Broadcom Company Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company's semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.

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