Broadcom Inc. $AVGO Shares Sold by TI Trust Inc.

Key Points

• TI Trust Inc. reduced its Broadcom stake by 17.5% in the first quarter, selling 1,987 shares and leaving it with 9,353 shares worth about $2.9 million. Broadcom still ranked as its 13th-largest holding.
• Broadcom insiders have also been selling shares, including executive S. Ram Velaga and director Justine Page. Over the last three months, insiders sold 17,754 shares valued at about $6.74 million.
• Analysts remain broadly upbeat on AVGO, with several firms raising price targets after the latest earnings report topped expectations. Broadcom also reported strong quarterly results, including revenue up 47.9% year over year and EPS of $2.44 versus estimates of $2.40.

TI Trust Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,353 shares of the semiconductor manufacturer's stock after selling 1,987 shares during the quarter. Broadcom accounts for 1.7% of TI Trust Inc.'s portfolio, making the stock its 13th largest holding. TI Trust Inc.'s holdings in Broadcom were worth $2,895,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of AVGO. Fullerton Advisors LLC boosted its position in shares of Broadcom by 1.3% in the 1st quarter. Fullerton Advisors LLC now owns 1,989 shares of the semiconductor manufacturer's stock valued at $616,000 after purchasing an additional 25 shares during the period. NORTHSTAR ASSET MANAGEMENT Co raised its holdings in Broadcom by 0.5% during the 1st quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 5,350 shares of the semiconductor manufacturer's stock worth $1,656,000 after buying an additional 25 shares during the period. RFG Holdings Inc. lifted its stake in Broadcom by 0.3% during the first quarter. RFG Holdings Inc. now owns 8,499 shares of the semiconductor manufacturer's stock valued at $2,631,000 after buying an additional 26 shares in the last quarter. Baring Financial LLC lifted its stake in Broadcom by 2.2% during the fourth quarter. Baring Financial LLC now owns 1,359 shares of the semiconductor manufacturer's stock valued at $470,000 after buying an additional 29 shares in the last quarter. Finally, Five Oceans Advisors boosted its holdings in shares of Broadcom by 0.4% in the fourth quarter. Five Oceans Advisors now owns 8,191 shares of the semiconductor manufacturer's stock worth $2,835,000 after buying an additional 29 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider S. Ram Velaga sold 8,000 shares of the business's stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the sale, the insider owned 57,932 shares of the company's stock, valued at $21,464,964.64. The trade was a 12.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 1,602 shares of the company's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the sale, the director owned 17,426 shares of the company's stock, valued at approximately $6,514,884.36. This trade represents a 8.42% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 17,754 shares of company stock valued at $6,739,006. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Oppenheimer reissued an "outperform" rating and issued a $535.00 target price (up from $450.00) on shares of Broadcom in a research report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on shares of Broadcom and gave the stock an "overweight" rating in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $515.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, June 4th. Benchmark increased their target price on Broadcom from $485.00 to $545.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Finally, Royal Bank Of Canada raised their target price on Broadcom from $360.00 to $400.00 and gave the stock a "sector perform" rating in a research report 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 assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $493.24.

Broadcom Stock Up 4.8%

Shares of Broadcom stock opened at $388.69 on Thursday. The firm has a market cap of $1.85 trillion, a price-to-earnings ratio of 64.78, a P/E/G ratio of 0.65 and a beta of 1.45. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. Broadcom Inc. has a 52-week low of $269.58 and a 52-week high of $495.00. The stock has a 50-day simple moving average of $405.37 and a 200-day simple moving average of $363.44.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.04. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm's revenue was up 47.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.58 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Apple expanded its Broadcom relationship with a $30 billion-plus chipmaking commitment, which should provide Broadcom with long-term revenue visibility and support for its AI/custom silicon growth story. Reuters: Apple to spend $30 billion in Broadcom chips deal that will see Colorado factory expand
• Positive Sentiment: Apple’s deal is being framed as a major U.S. manufacturing win and one of Broadcom’s biggest customer commitments, which could lift sentiment around AVGO’s AI infrastructure opportunity. TechCrunch: Apple to produce Made in America wireless chips with Broadcom
• Positive Sentiment: Investor attention is also being fueled by bullish coverage highlighting Broadcom as a top stock pick and an increasingly attractive AI semiconductor name after recent pullbacks. Insider Monkey: Top 5 Stocks to Buy According to Whale Rock Capital Management
• Neutral Sentiment: Some commentary says Broadcom had already pulled back from recent highs, with UBS arguing semiconductor valuations may now offer a more attractive entry point, but this is more valuation commentary than a fresh catalyst. Benzinga: Micron, Broadcom Just Got 25% Cheaper
• Negative Sentiment: One analyst reportedly downgraded Broadcom, suggesting not all views are uniformly bullish despite the Apple deal. Yahoo Finance: This Analyst Just Downgraded Broadcom Stock

About Broadcom

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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