Broadcom Inc. $AVGO Stock: BOCHK Asset Management Ltd Increases Holdings

Key Points

• BOCHK Asset Management increased its Broadcom stake by 19% in the third quarter, adding 5,129 shares to hold 32,089 shares valued at about $11.27 million.
• Several major institutional investors also raised their positions, and hedge funds and other institutions collectively own 76.43% of Broadcom’s shares.
• Broadcom’s AI semiconductor revenue exceeded its latest target, though concerns about AI spending and regulation weigh on sentiment. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $530.52.

BOCHK Asset Management Ltd increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 19.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,089 shares of the semiconductor manufacturer's stock after acquiring an additional 5,129 shares during the quarter. Broadcom accounts for about 1.6% of BOCHK Asset Management Ltd's holdings, making the stock its 13th largest position. BOCHK Asset Management Ltd's holdings in Broadcom were worth $11,269,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. State Street Corp increased its holdings in shares of Broadcom by 8.7% in 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 during the period. Bank of America Corp DE lifted its position in shares of Broadcom by 4.6% in 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 in the last quarter. Wellington Management Group LLP lifted its position in shares of 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 boosted its holdings in shares of Broadcom by 2.9% during 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 during the period. Finally, Legal & General Group Plc purchased a new position in Broadcom during the second quarter valued at approximately $11,998,148,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Key Headlines Impacting Broadcom

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

Several research analysts have weighed in on AVGO shares. Citigroup lowered Broadcom from a "buy" rating to a "neutral" rating in a research report on Tuesday, October 27th. TD Cowen reissued a "buy" rating and issued a $475.00 price target (down from $500.00) on shares of Broadcom in a research note on Thursday, September 3rd. BMO Capital Markets increased their price objective on Broadcom from $455.00 to $575.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. Raymond James Financial reaffirmed an "outperform" rating and set a $475.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. Finally, Cantor Fitzgerald raised their price objective on shares of Broadcom from $525.00 to $600.00 and gave the company an "overweight" rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $530.52.

Broadcom Price Performance

Shares of Broadcom stock opened at $291.53 on Friday. 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 stock has a market capitalization of $1.39 trillion, a price-to-earnings ratio of 37.23 and a beta of 1.49. Broadcom Inc. has a 1-year low of $289.96 and a 1-year high of $495.00. The firm's 50-day moving average price is $349.45 and its two-hundred day moving average price is $366.37.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating the consensus estimate of $3.22 by $0.10. The company had revenue of $29.59 billion during the quarter, compared to analysts' expectations of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business's revenue for the quarter was up 85.5% on a year-over-year basis. During the same period last year, the firm earned $1.69 EPS. On average, equities analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom 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.

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.