Broadcom Inc. $AVGO Stock Bought by Clear Wave Wealth Management LLC

Key Points

• Clear Wave Wealth Management increased its Broadcom stake by 19.4% in the third quarter, adding 2,369 shares to reach 14,562 shares valued at about $5.1 million.
• 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.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $530.52. Reports cited AI-chip demand as a growth driver while flagging valuation and debt-related risks.

Clear Wave Wealth Management LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 19.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,562 shares of the semiconductor manufacturer's stock after buying an additional 2,369 shares during the quarter. Broadcom accounts for about 0.9% of Clear Wave Wealth Management LLC's portfolio, making the stock its 22nd biggest holding. Clear Wave Wealth Management LLC's holdings in Broadcom were worth $5,114,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. State Street Corp boosted 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 buying an additional 16,651,378 shares during the last quarter. Bank of America Corp DE increased 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 valued at $23,202,543,000 after acquiring an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP increased 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 valued at $19,484,611,000 after acquiring an additional 1,892,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position 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 acquiring an additional 1,140,598 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in Broadcom during the second quarter worth about $11,998,148,000. 76.43% of the stock is currently owned by institutional investors.

More Broadcom News

Here's some of the latest news about AVGO:

• Positive Sentiment: Analysts say Google’s latest TPU developments reinforce Broadcom’s central role in custom AI chips, supporting expectations for ongoing demand from major technology customers. Google's latest TPUs show Broadcom remains central: JPM
• Positive Sentiment: Coverage of Anthropic points to substantial cash and rising revenue as support for its large commitment involving Broadcom, bolstering confidence in the AI partnership and related chip demand. Anthropic's S-1 Strengthens the Case for Broadcom's AI Growth
• Negative Sentiment: Risks include Broadcom’s valuation and the possibility that debt-financed AI infrastructure spending could expose the company to credit risk if demand or customer finances weaken. Broadcom: A Great TPU Business With a New Kind of Credit Risk Attached

Broadcom Stock Up 4.0%

AVGO stock opened at $345.22 on Thursday. Broadcom Inc. has a 1-year low of $289.77 and a 1-year high of $495.00. The business's 50 day simple moving average is $345.65 and its 200 day simple moving average is $366.28. 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 firm has a market capitalization of $1.65 trillion, a PE ratio of 44.09 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, beating the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business had revenue of $29.59 billion during the quarter, compared to the consensus estimate of $29.24 billion. During the same quarter last year, the firm posted $1.69 EPS. The company's quarterly revenue was up 85.5% on a year-over-year basis. As a group, research analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Monday, September 21st. Broadcom's dividend payout ratio is presently 33.21%.

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. The Goldman Sachs Group upped their price target on shares of Broadcom from $525.00 to $540.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Royal Bank Of Canada assumed coverage on shares of Broadcom in a research note on Thursday, September 3rd. They issued an "outperform" rating for the company. Tigress Financial started coverage on shares of Broadcom in a research report on Thursday, October 22nd. They issued a "buy" rating and a $600.00 price objective for the company. Truist Financial lowered their price objective on shares of Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a research note on Thursday, September 3rd. Finally, Lake Street Capital upgraded shares of Broadcom to a "buy" rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus 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.

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.