Broadcom Inc. $AVGO Stock Acquired by Summit Wealth Group LLC Co.

Key Points

• Summit Wealth Group increased its Broadcom stake by 139% in the third quarter, adding 7,051 shares to own 12,122 shares valued at about $4.26 million.
• Other major institutions also reported substantial Broadcom holdings; institutional investors and hedge funds collectively own 76.43% of the company’s stock.
• Broadcom shares were reported down 10.4%, despite quarterly earnings and revenue topping analyst estimates. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $530.52.

Summit Wealth Group LLC Co. lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 139.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,122 shares of the semiconductor manufacturer's stock after buying an additional 7,051 shares during the quarter. Summit Wealth Group LLC Co.'s holdings in Broadcom were worth $4,257,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp grew its stake 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 worth $75,367,711,000 after purchasing an additional 16,651,378 shares during the period. Bank of America Corp DE increased its holdings in shares of Broadcom by 4.6% in the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock valued at $23,202,543,000 after purchasing an additional 2,685,916 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Broadcom by 3.8% in the 2nd quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $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 lifted its stake in shares of 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 valued at $15,178,195,000 after purchasing an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of Broadcom in the second quarter valued at about $11,998,148,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue reached $16.7 billion last quarter, above its $16 billion target, and management expects higher AI revenue next quarter. That outlook supports the case that demand remains strong despite concerns about competition. Article: Is Broadcom Stock a Buy Now?
• Positive Sentiment: Broadcom was included on Bank of America’s “global defenders” list, while ETFs reportedly added about $267.7 million of AVGO shares on Nov. 2—potential signs of institutional interest. Article: BofA adds TSLA, AVGO, IBM, others to its global defenders list Article: 53 ETFs Add to Broadcom Holdings
• Neutral Sentiment: Some recent commentary sees a possible turning point, arguing that the disconnect between falling shares and fast-growing AI revenue may not persist. This is an analyst view, not a confirmed catalyst. Article: Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: The immediate headwind is a broader chip-stock rout, with investors increasingly worried that AI regulation and constraints on data-center development could curb future spending. Coverage also points to a Texas permit freeze as a potential source of uncertainty for AI infrastructure demand. Article: Broadcom Sinks as AI Regulation Fears Deepen Chip Rout Article: Steve Weiss Says the Midterms Just Put a Lid on AI Spending

Analyst Upgrades and Downgrades

A number of analysts recently commented on AVGO shares. Rosenblatt Securities reissued a "buy" rating and set a $600.00 price objective on shares of Broadcom in a report on Tuesday, October 27th. Sanford C. Bernstein reaffirmed a "buy" rating on shares of Broadcom in a report on Monday, September 21st. DA Davidson raised shares of Broadcom from a "neutral" rating to a "buy" rating and increased their target price for the company from $350.00 to $400.00 in a report on Tuesday, October 27th. Wall Street Zen downgraded shares of Broadcom from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. Finally, William Blair lowered Broadcom from an "outperform" rating to a "market perform" rating in a research note on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $530.52.

Broadcom Trading Down 10.4%

NASDAQ:AVGO opened at $291.53 on Friday. The company has a market capitalization of $1.39 trillion, a PE ratio of 37.23 and a beta of 1.49. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. Broadcom Inc. has a 52-week low of $289.96 and a 52-week high of $495.00. The stock has a fifty day simple moving average of $349.45 and a 200-day simple moving average of $366.37.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 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 net margin of 42.94% and a return on equity of 48.33%. The business's revenue for the quarter was up 85.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.69 EPS. On average, equities research analysts expect that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were given a dividend of $0.65 per share. The ex-dividend date was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.9%. Broadcom's payout ratio is presently 33.21%.

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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