Broadcom Inc. $AVGO Stock: CogentBlue Wealth Advisors LLC Decreases Stake

Key Points

• CogentBlue Wealth Advisors LLC reduced its Broadcom stake by 75.3% in the third quarter, selling 1,804 shares and retaining 591 shares valued at approximately $207,000.
• Other major institutions increased their positions, and institutional investors collectively own 76.43% of Broadcom. State Street, Bank of America, Wellington Management and UBS were among the largest holders adding shares.
• Broadcom reported quarterly revenue of $29.59 billion and EPS of $3.32, exceeding estimates, while revenue surged 85.5% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $527.20.

CogentBlue Wealth Advisors LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 75.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 591 shares of the semiconductor manufacturer's stock after selling 1,804 shares during the period. CogentBlue Wealth Advisors LLC's holdings in Broadcom were worth $207,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of AVGO. State Street Corp lifted its position in shares of Broadcom by 8.7% during the second 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 boosted its holdings 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 last quarter. Wellington Management Group LLP grew its position in Broadcom by 3.8% in the 2nd 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 grew its position in Broadcom by 2.9% in the 2nd 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 purchased a new stake in Broadcom in the 2nd quarter valued at about $11,998,148,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom is reportedly arranging more than $50 billion in financing for custom AI chips being developed with OpenAI. Although discussions are preliminary, the potential project underscores the scale of expected demand for Broadcom’s custom silicon and could support substantial future revenue. Broadcom seeks more than $50 billion to finance OpenAI AI chips
• Positive Sentiment: At the OCP Global Summit, Broadcom highlighted new networking technologies designed to help hyperscalers scale AI clusters. The announcements reinforce its positioning in high-speed networking and custom AI infrastructure. Broadcom AI networking innovations
• Positive Sentiment: Record profits at Samsung and TSMC are being viewed as evidence that semiconductor demand and AI-related capital spending remain strong, a favorable backdrop for Broadcom’s chip and networking businesses. Record profits at Samsung and TSMC
• Positive Sentiment: Analysts and commentators continue to point to Broadcom’s rapid AI revenue growth and its roughly 24% decline from its 52-week high as a potential entry point, despite expectations for strong earnings growth. Broadcom is lagging the market

Broadcom Price Performance

Broadcom stock opened at $361.54 on Friday. The business's 50 day simple moving average is $371.24 and its 200 day simple moving average is $382.38. Broadcom Inc. has a 12 month low of $289.96 and a 12 month high of $495.00. The company has a market cap of $1.73 trillion, a price-to-earnings ratio of 46.17 and a beta of 1.46. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its 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 business 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%. The business's revenue for the quarter was up 85.5% on a year-over-year basis. During the same period last year, the business posted $1.69 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed 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. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, September 21st. Broadcom's payout ratio is presently 33.21%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Fox Advisors upgraded Broadcom to an "outperform" rating in a research note on Thursday, September 3rd. President Capital lifted their price target on Broadcom from $520.00 to $546.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Truist Financial cut their price objective on Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a research report on Thursday, September 3rd. Sanford C. Bernstein restated a "buy" rating on shares of Broadcom in a research note on Monday, September 21st. Finally, KeyCorp reaffirmed an "overweight" rating and set a $575.00 target price on shares of Broadcom in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-seven have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $527.20.

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 wired and wireless communications, data center networking, broadband access, storage, industrial applications, and other markets.

The company's semiconductor portfolio includes networking and switching products, custom application-specific integrated circuits, wireless connectivity components, radio-frequency devices, optical components, and storage-related solutions.

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