Broadcom Inc. $AVGO Stock Holdings Lowered by AIA Group Ltd

Key Points

• AIA Group cut its Broadcom stake by 12.6% in the third quarter, selling 34,284 shares and ending the period with 238,514 shares worth about $83.8 million.
• Other institutional investors increased their holdings, and institutions and hedge funds collectively owned 76.43% of Broadcom’s stock.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $530.52. Broadcom also reported quarterly EPS and revenue above estimates, with revenue up 85.5% year over year.

AIA Group Ltd cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 238,514 shares of the semiconductor manufacturer's stock after selling 34,284 shares during the quarter. Broadcom accounts for about 1.0% of AIA Group Ltd's portfolio, making the stock its 18th largest holding. AIA Group Ltd's holdings in Broadcom were worth $83,764,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Third View Private Wealth LLC grew its position in Broadcom by 6.8% during the 3rd quarter. Third View Private Wealth LLC now owns 22,413 shares of the semiconductor manufacturer's stock worth $7,871,000 after purchasing an additional 1,426 shares in the last quarter. Provenance Wealth Advisors LLC boosted its stake in shares of Broadcom by 672.3% during the third quarter. Provenance Wealth Advisors LLC now owns 17,841 shares of the semiconductor manufacturer's stock valued at $6,266,000 after purchasing an additional 15,531 shares in the last quarter. Ackerman Capital Advisors LLC grew its holdings in Broadcom by 46.5% during the 3rd quarter. Ackerman Capital Advisors LLC now owns 1,263 shares of the semiconductor manufacturer's stock valued at $444,000 after buying an additional 401 shares in the last quarter. One Day In July LLC grew its holdings in shares of Broadcom by 7.4% in the third quarter. One Day In July LLC now owns 2,807 shares of the semiconductor manufacturer's stock worth $986,000 after purchasing an additional 193 shares during the last quarter. Finally, RFG Holdings Inc. raised its stake in shares of Broadcom by 3.1% in the third quarter. RFG Holdings Inc. now owns 9,087 shares of the semiconductor manufacturer's stock worth $3,192,000 after purchasing an additional 270 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on AVGO shares. Bank of America dropped their price objective on shares of Broadcom from $530.00 to $460.00 and set a "buy" rating for the company in a research note on Thursday, September 3rd. HC Wainwright began coverage on shares of Broadcom in a research note on Tuesday, October 27th. They issued a "buy" rating on the stock. UBS Group lowered shares of Broadcom from a "hold" rating to a "neutral" rating in a 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. Finally, Citic Securities raised Broadcom to a "buy" rating and upped their price objective for the stock from $450.00 to $525.00 in a research report on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $530.52.

Broadcom Trading Up 0.7%

Shares of Broadcom stock opened at $293.69 on Friday. Broadcom Inc. has a 1 year low of $289.77 and a 1 year high of $495.00. The company has a market capitalization of $1.40 trillion, a P/E ratio of 37.60 and a beta of 1.49. 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 business has a 50 day moving average price of $347.89 and a 200 day moving average price of $366.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $29.24 billion. During the same period in the previous year, the firm earned $1.69 earnings per share. The firm's quarterly revenue was up 85.5% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders 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 dividend yield of 0.9%. Broadcom's dividend payout ratio (DPR) is currently 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

About Broadcom

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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