Broadcom Inc. $AVGO Stock: Nemes Rush Group LLC Reduces Stake

Key Points

• Nemes Rush Group cut its Broadcom stake by 1.4%, selling 2,191 shares in the third quarter; it still held 152,471 shares valued at about $53.5 million.
• Analyst sentiment remains broadly positive: 40 analysts rated AVGO Buy or Strong Buy, with a consensus “Moderate Buy” rating and an average price target of $530.52.
• Broadcom beat quarterly estimates, reporting EPS of $3.32 versus $3.22 expected and revenue of $29.59 billion, up 85.5% year over year.

Nemes Rush Group LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 152,471 shares of the semiconductor manufacturer's stock after selling 2,191 shares during the quarter. Broadcom comprises approximately 4.4% of Nemes Rush Group LLC's holdings, making the stock its 3rd largest position. Nemes Rush Group LLC's holdings in Broadcom were worth $53,546,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several research firms have commented on AVGO. 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 report on Thursday, September 3rd. Evercore set a $578.00 target price on Broadcom and gave the stock an "outperform" rating in a report on Thursday, September 3rd. BNP Paribas Exane boosted their target price on Broadcom from $675.00 to $715.00 and gave the stock an "outperform" rating in a research report on Friday, September 4th. Piper Sandler started coverage on Broadcom in a research note on Wednesday, September 9th. They set an "overweight" rating and a $460.00 price target for the company. Finally, DA Davidson raised Broadcom from a "neutral" rating to a "buy" rating and increased their price target for the company from $350.00 to $400.00 in a research note on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $530.52.

Broadcom Stock Up 4.0%

Shares of NASDAQ:AVGO opened at $345.22 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. Broadcom Inc. has a 12 month low of $289.77 and a 12 month high of $495.00. The company has a 50-day moving average price of $345.65 and a 200 day moving average price of $366.28. The company has a market cap of $1.65 trillion, a price-to-earnings ratio of 44.09 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping 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 company had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. During the same quarter last year, the business posted $1.69 earnings per share. The firm's revenue was up 85.5% on a year-over-year basis. As a group, equities research analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom's dividend payout ratio (DPR) is presently 33.21%.

Broadcom News Roundup

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 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.

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