Broadcom Inc. $AVGO Stock Position Increased by Joseph Group Capital Management

Key Points

• Joseph Group Capital Management increased its Broadcom stake by 27.6% in the third quarter, adding 3,682 shares to reach 17,024 shares valued at about $5.98 million.
• Analyst sentiment is broadly positive: 39 analysts rate the stock Buy and five Hold, with a consensus “Moderate Buy” rating and an average price target of $530.52.
• Broadcom reported quarterly EPS of $3.32, beating estimates of $3.22, while revenue rose 85.5% year over year to $29.59 billion.

Joseph Group Capital Management increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 27.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,024 shares of the semiconductor manufacturer's stock after buying an additional 3,682 shares during the period. Joseph Group Capital Management's holdings in Broadcom were worth $5,979,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Core Capital Management & Research inc. acquired a new position in Broadcom during the 2nd quarter worth $31,000. DecisionPoint Financial LLC boosted its holdings in Broadcom by 101.9% during the third quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer's stock valued at $36,000 after acquiring an additional 53 shares during the period. Harborfront Financial Group LLC acquired a new stake in shares of Broadcom in the second quarter valued at about $38,000. Align Financial LLC grew its position in shares of Broadcom by 67.2% in the third quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer's stock valued at $38,000 after purchasing an additional 45 shares during the last quarter. Finally, Curry Webb Wealth Management LLC bought a new position in shares of Broadcom in the third quarter worth about $41,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Arete Research lifted their price objective on Broadcom from $488.00 to $530.00 and gave the stock a "buy" rating in a research note on Tuesday, July 21st. BMO Capital Markets increased their target price on Broadcom from $455.00 to $575.00 and gave the company an "outperform" rating in a research note on Thursday, September 3rd. Wedbush started coverage on Broadcom in a research note on Tuesday, October 27th. They set an "outperform" rating for the company. Truist Financial lowered their target price on Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a report on Thursday, September 3rd. Finally, Evercore set a $578.00 price target on Broadcom and gave the stock an "outperform" rating in a research 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 given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $530.52.

Broadcom News Roundup

Investors following AVGO have been watching these news items:

• Positive Sentiment: Broadcom shares rose more than 3% in extended trading as turmoil around Nvidia’s CEO sent investors toward rival chipmakers, including Broadcom. Nvidia Stock Sinks as Jensen Huang Ouster Report Sends Investors Toward AMD, Broadcom
• 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
• Neutral Sentiment: Some commentary views Broadcom as a potential beneficiary of continued AI investment, while noting that its shares have retreated from earlier highs. Am I Buying the Dip in Broadcom Stock?

Broadcom Price Performance

NASDAQ:AVGO opened at $345.22 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. Broadcom Inc. has a one year low of $289.77 and a one year high of $495.00. The company has a fifty day moving average price of $345.65 and a 200 day moving average price of $366.28. The stock has a market cap of $1.65 trillion, a P/E ratio of 44.09 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.10. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The company had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. During the same period last year, the business posted $1.69 EPS. The business's quarterly revenue was up 85.5% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors 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 was Monday, September 21st. Broadcom's dividend payout ratio (DPR) is presently 33.21%.

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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