Broadcom Inc. $AVGO Stock: Asset One Wealth Management LLC Boosts Position

Key Points

• Asset One Wealth Management increased its Broadcom stake by 13.8% in the third quarter, adding 3,319 shares to reach 27,351 shares valued at about $9.6 million. Institutional investors collectively own 76.43% of Broadcom’s stock.
• Broadcom beat quarterly earnings and revenue estimates, reporting EPS of $3.32 and revenue of $29.59 billion; revenue rose 85.5% year over year. The article also notes strong growth potential in its AI semiconductor business.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $530.52, though the stock recently opened at $293.69 and faces risks including a broad chip selloff and concerns about AI spending.

Asset One Wealth Management LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,351 shares of the semiconductor manufacturer's stock after acquiring an additional 3,319 shares during the period. Broadcom comprises 0.8% of Asset One Wealth Management LLC's investment portfolio, making the stock its 24th biggest position. Asset One Wealth Management LLC's holdings in Broadcom were worth $9,606,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its holdings in Broadcom by 3.6% in the third quarter. International Assets Investment Management LLC now owns 70,921 shares of the semiconductor manufacturer's stock valued at $24,431,000 after purchasing an additional 2,496 shares during the period. Allegiance Financial Group Advisory Services LLC grew its stake in Broadcom by 32.7% during the 3rd quarter. Allegiance Financial Group Advisory Services LLC now owns 1,494 shares of the semiconductor manufacturer's stock worth $525,000 after purchasing an additional 368 shares in the last quarter. Alta Advisers Ltd grew its stake in Broadcom by 86.2% during the 3rd quarter. Alta Advisers Ltd now owns 34,036 shares of the semiconductor manufacturer's stock worth $11,953,000 after purchasing an additional 15,757 shares in the last quarter. Principle Wealth Partners LLC increased its holdings in Broadcom by 18.5% during the 3rd quarter. Principle Wealth Partners LLC now owns 9,045 shares of the semiconductor manufacturer's stock worth $3,177,000 after purchasing an additional 1,409 shares during the period. Finally, Horizon Wealth Management LLC purchased a new stake in Broadcom during the 3rd quarter worth about $222,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Broadcom stock opened at $293.69 on Monday. Broadcom Inc. has a 1-year low of $289.77 and a 1-year high of $495.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. The stock has a market cap of $1.40 trillion, a PE ratio of 37.51 and a beta of 1.49. The stock's fifty day moving average is $347.89 and its two-hundred day moving average is $366.17.

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 analysts' consensus estimates of $3.22 by $0.10. The company had revenue of $29.59 billion during the quarter, compared to the consensus estimate of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. Broadcom's revenue for the quarter was up 85.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.69 EPS. On average, sell-side analysts expect that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AVGO. Truist Financial reduced their price target on Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a research report on Thursday, September 3rd. Citigroup downgraded Broadcom from a "buy" rating to a "neutral" rating in a research report on Tuesday, October 27th. Evercore set a $578.00 target price on shares of Broadcom and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. The Goldman Sachs Group raised their target price on shares of Broadcom from $525.00 to $540.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Finally, Sanford C. Bernstein reaffirmed a "buy" rating on shares of Broadcom in a report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $530.52.

Broadcom Company Profile

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.

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