Broadcom Inc. $AVGO Stake Reduced by Trust Investment Advisors

Key Points

• Trust Investment Advisors reduced its Broadcom stake by 11.8% in the first quarter, selling 2,692 shares and leaving it with 20,051 shares worth about $6.2 million.
• Broadcom reported strong quarterly results, with EPS of $2.44 topping estimates and revenue rising 47.9% year over year to $22.19 billion.
• Analysts remain mostly bullish on AVGO, with multiple firms reiterating buy/overweight ratings and a consensus price target of $493.24, despite recent insider selling and a stock pullback.

Trust Investment Advisors cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,051 shares of the semiconductor manufacturer's stock after selling 2,692 shares during the quarter. Broadcom comprises approximately 3.6% of Trust Investment Advisors' investment portfolio, making the stock its 4th biggest position. Trust Investment Advisors' holdings in Broadcom were worth $6,206,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. ROSS JOHNSON & Associates LLC raised its stake 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 valued at $25,000 after acquiring an additional 66 shares during the period. SWAN Capital LLC boosted its position in shares of Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock worth $26,000 after purchasing an additional 55 shares during the period. Networth Advisors LLC increased its holdings 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 purchasing an additional 71 shares during the last quarter. Miller Global Investments LLC acquired a new stake in Broadcom in the 4th quarter valued at approximately $31,000. Finally, Nvest Wealth Strategies Inc. purchased a new stake in Broadcom in the fourth quarter valued at approximately $33,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, Director Harry L. You bought 1,000 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the completion of the purchase, the director owned 38,466 shares of the company's stock, valued at approximately $14,369,743.62. This represents a 2.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider S. Ram Velaga sold 17,260 shares of the firm's stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $352.12, for a total transaction of $6,077,591.20. Following the completion of the sale, the insider directly owned 65,932 shares in the company, valued at approximately $23,215,975.84. This trade represents a 20.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 60,987 shares of company stock valued at $21,899,980. 1.90% of the stock is currently owned by company insiders.

Broadcom Price Performance

Broadcom stock opened at $360.45 on Monday. The firm has a market capitalization of $1.71 trillion, a P/E ratio of 60.08, a P/E/G ratio of 0.63 and a beta of 1.45. 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 Inc. has a twelve month low of $269.58 and a twelve month high of $495.00. The stock's fifty day simple moving average is $407.92 and its 200-day simple moving average is $362.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. During the same period last year, the business posted $1.58 earnings per share. Broadcom's revenue was up 47.9% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently commented on AVGO. Citigroup restated a "buy" rating on shares of Broadcom in a research report on Thursday, June 4th. Wells Fargo & Company reissued an "overweight" rating and set a $545.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. KeyCorp restated an "overweight" rating and set a $575.00 target price (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. Truist Financial lifted their target price on Broadcom from $545.00 to $550.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Finally, Weiss Ratings lowered shares of Broadcom from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and a consensus target price of $493.24.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: JPMorgan, UBS, Jefferies and other analysts remain constructive on Broadcom’s AI-driven growth, with price targets well above current levels and continued optimism around custom AI silicon demand, including exposure to customers such as OpenAI and Anthropic. UBS Reaffirms Buy Rating on Broadcom (AVGO) Amid AI ASIC Demand and OpenAI, Anthropic Growth
• Positive Sentiment: Articles highlighting Broadcom’s partnership with OpenAI on the “Jalapeño” AI accelerator reinforce the market’s bullish view that AI infrastructure can keep driving revenue growth. What Broadcom (AVGO)'s Jalapeño AI Accelerator Partnership With OpenAI Means For Shareholders
• Neutral Sentiment: Several recent write-ups argue Broadcom may be attractive after its pullback, but they mostly restate the same long-term thesis rather than pointing to a new catalyst. Why Broadcom Stock Slumped Today
• Neutral Sentiment: Investors continue to search for clues on whether Broadcom can rebound from its post-earnings decline, with coverage focusing on earnings estimates and fair-value changes. Broadcom (AVGO) Stock Gets Fair Value Boost As Analysts Split On AI Outlook
• Negative Sentiment: Director Justine Page sold 1,602 shares of Broadcom stock, extending insider-selling headlines that can weigh on sentiment even if the sale is relatively small versus the company’s size. SEC Form 4 filing for Justine Page sale
• Negative Sentiment: Broadcom remains about 14% below its last earnings report level, and recent commentary suggests investors are still uneasy about whether the company’s strong results were enough to justify its premium valuation. Broadcom Inc. (AVGO) Down 14% Since Last Earnings Report: Can It Rebound?

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.