Broadcom Inc. $AVGO Stock Acquired by Legacy Trust

Legacy Trust grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 80.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,170 shares of the semiconductor manufacturer's stock after acquiring an additional 4,538 shares during the period. Legacy Trust's holdings in Broadcom were worth $3,316,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp boosted its position in shares of Broadcom by 8.7% during the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock valued at $75,367,711,000 after purchasing an additional 16,651,378 shares in the last quarter. Bank of America Corp DE grew its stake in Broadcom by 4.6% during the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock worth $23,202,543,000 after purchasing an additional 2,685,916 shares during the period. Wellington Management Group LLP increased its holdings in Broadcom by 3.8% in the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock worth $19,484,611,000 after purchasing an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Broadcom by 2.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock worth $15,178,195,000 after purchasing an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in Broadcom in the second quarter valued at approximately $11,998,148,000. 76.43% of the stock is owned by institutional investors.

Broadcom News Roundup

Here's some of the latest news about AVGO:

• Positive Sentiment: Broadcom could benefit as cloud providers diversify beyond NVIDIA and invest in custom AI chips. The company designs custom ASICs for hyperscalers, and Anthropic’s disclosed spending commitments have been cited as support for Broadcom’s growth outlook. Anthropic’s S-1 strengthens the case for Broadcom’s AI growth
• Positive Sentiment: Despite Rothschild & Co Redburn’s downgrade, the articles note that Wall Street’s average price target remains around $533, above the firm’s new $398 target. This suggests some analysts still see substantial upside. Is Rothschild & Co Redburn Wrong to Give Up on Broadcom?
• Negative Sentiment: Rothschild & Co Redburn cut AVGO to Neutral from Buy and lowered its price target by 33%, from $595 to $398. It flagged risk from Broadcom’s growing exposure to AI financing arrangements, including reliance on AI companies such as Anthropic and OpenAI that are not yet self-funding. Broadcom stock falls as firm flags AI financing risks

Broadcom Stock Down 4.8%

Broadcom stock traded down $17.35 during midday trading on Friday, reaching $347.01. The stock had a trading volume of 31,579,948 shares, compared to its average volume of 26,761,208. The company has a fifty day moving average price of $345.39 and a two-hundred day moving average price of $366.55. Broadcom Inc. has a 12 month low of $289.77 and a 12 month high of $495.00. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $1.66 trillion, a P/E ratio of 44.32 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.10. The business had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The company's quarterly revenue was up 85.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.69 earnings per share. As a group, equities analysts expect that Broadcom Inc. will post 10.20 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were issued a dividend of $0.65 per share. The ex-dividend date was Monday, September 21st. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom's payout ratio is currently 33.21%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Rothschild & Co Redburn cut Broadcom from a "buy" rating to a "neutral" rating and cut their price target for the stock from $595.00 to $398.00 in a report on Friday. Tigress Financial started coverage on shares of Broadcom in a research report on Thursday, October 22nd. They set a "buy" rating and a $600.00 price objective for the company. Citigroup lowered shares of Broadcom from a "buy" rating to a "neutral" rating in a research note on Tuesday, October 27th. Weiss Ratings downgraded shares of Broadcom from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday. Finally, Fox Advisors raised shares of Broadcom to an "outperform" rating in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $525.19.

About Broadcom

Broadcom Inc. is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics. Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.

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.