Broadcom Inc. $AVGO Stock: Columbia Bank Raises Holdings

Key Points

• Columbia Bank increased its Broadcom stake by 32.5% in the third quarter, to 9,415 shares valued at about $3.3 million. Institutional investors and hedge funds own 76.43% of the stock.
• Broadcom reported quarterly earnings of $3.32 per share, topping estimates of $3.22, while revenue rose 85.5% year over year to $29.59 billion. AI semiconductor revenue reached $16.7 billion, above management’s $16 billion target, with higher AI revenue expected next quarter.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $530.52. Shares opened at $325.60, below their 50-day and 200-day moving averages.

Columbia Bank grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 32.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,415 shares of the semiconductor manufacturer's stock after purchasing an additional 2,311 shares during the quarter. Columbia Bank's holdings in Broadcom were worth $3,306,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Core Capital Management & Research inc. acquired a new stake in Broadcom during the 2nd quarter worth about $31,000. DecisionPoint Financial LLC boosted its holdings in shares of Broadcom by 101.9% during the 3rd quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer's stock worth $36,000 after buying an additional 53 shares in the last quarter. Harborfront Financial Group LLC bought a new position in shares of Broadcom during the 2nd quarter worth approximately $38,000. Align Financial LLC boosted its holdings in shares of Broadcom by 67.2% during the 3rd quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer's stock worth $38,000 after buying an additional 45 shares in the last quarter. Finally, Curry Webb Wealth Management LLC acquired a new stake in shares of Broadcom during the 3rd quarter worth approximately $41,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO opened at $325.60 on Thursday. 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 company's fifty day moving average price is $350.73 and its two-hundred day moving average price is $366.67. Broadcom Inc. has a 1-year low of $289.96 and a 1-year high of $495.00. The company has a market cap of $1.55 trillion, a price-to-earnings ratio of 38.76 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating analysts' consensus estimates of $3.22 by $0.10. The firm 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 quarterly revenue was up 85.5% compared to the same quarter last year. During the same period last year, the firm earned $1.69 earnings per share. On average, analysts expect that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue reached $16.7 billion, exceeding its $16 billion target, and management expects higher AI revenue next quarter. That supports the view that demand for its custom AI chips remains strong despite competition from Marvell. Article: Is Broadcom Stock a Buy Now?
• Positive Sentiment: ETFs purchased $267.7 million of Broadcom shares on Nov. 2, a sign of institutional demand, though fund flows can be short-lived and do not guarantee further gains. Article: 53 ETFs Add to Broadcom Holdings
• Neutral Sentiment: A report tied midterm-election results and a potential Texas permit freeze to concerns about AI data-center investment. The article does not establish a direct effect on Broadcom, but any broader slowdown in data-center construction could weigh on AI infrastructure suppliers. Article: Steve Weiss Says the Midterms Just Put a Lid on AI Spending
• Negative Sentiment: Broadcom underperformed in a rising market. Coverage describing the session offered no specific explanation, leaving the decline potentially tied to market sentiment or profit-taking rather than a disclosed change in the company’s outlook. Article: Broadcom Stock Slides as Market Rises
• Negative Sentiment: Some commentary flags valuation as a risk, while Broadcom’s custom-chip opportunity depends on customers continuing to develop their own processors. That leaves the stock vulnerable if growth expectations cool or customer plans change. Article: Taiwan Semi or Broadcom

Analyst Ratings Changes

Several analysts have recently weighed in on AVGO shares. HSBC lowered their price objective on shares of Broadcom from $600.00 to $560.00 and set a "buy" rating for the company in a research note on Thursday, September 3rd. BMO Capital Markets increased their target price on shares of Broadcom from $455.00 to $575.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. William Blair cut shares of Broadcom from an "outperform" rating to a "market perform" rating in a report on Tuesday, October 27th. Jefferies Financial Group assumed coverage on shares of Broadcom in a research note on Thursday, September 3rd. They issued a "buy" rating and a $550.00 price target for the company. Finally, Raymond James Financial reiterated an "outperform" rating and set a $475.00 price objective (up from $450.00) on shares of Broadcom in a report on Thursday, September 3rd. One 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 stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $530.52.

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.

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.