Broadcom Inc. $AVGO Stock Position Lowered by Simon Quick Advisors LLC

Key Points

• Simon Quick Advisors LLC cut its Broadcom stake by 25.3% in the first quarter, selling 7,443 shares and leaving it with 21,983 shares worth about $6.8 million.
• Broadcom reported strong quarterly results, with EPS of $2.44 beating estimates and revenue of $22.19 billion rising 47.9% year over year. Analysts now expect the company to earn 10.24 EPS for the current fiscal year.
• The company also paid a quarterly dividend of $0.65 per share and continues to draw bullish Wall Street attention, with multiple firms maintaining buy ratings and an average price target of $493.24.

Simon Quick Advisors LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 21,983 shares of the semiconductor manufacturer's stock after selling 7,443 shares during the period. Simon Quick Advisors LLC's holdings in Broadcom were worth $6,804,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Sovran Advisors LLC lifted its position in shares of Broadcom by 121.3% in the fourth quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer's stock worth $10,507,000 after purchasing an additional 16,789 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Broadcom by 406.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer's stock valued at $4,151,000 after purchasing an additional 9,624 shares in the last quarter. Aspiriant LLC increased its stake in Broadcom by 18.5% in the 4th quarter. Aspiriant LLC now owns 12,016 shares of the semiconductor manufacturer's stock valued at $4,158,000 after buying an additional 1,872 shares during the period. World Investment Advisors increased its stake in Broadcom by 16.1% in the 4th quarter. World Investment Advisors now owns 177,710 shares of the semiconductor manufacturer's stock valued at $61,505,000 after buying an additional 24,703 shares during the period. Finally, Western Financial Corp CA lifted its position in Broadcom by 90.5% in the 4th quarter. Western Financial Corp CA now owns 6,481 shares of the semiconductor manufacturer's stock worth $2,243,000 after buying an additional 3,079 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Up 2.0%

Broadcom stock opened at $378.16 on Tuesday. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 1-year low of $273.00 and a 1-year high of $495.00. The firm's fifty day simple moving average is $400.28 and its 200-day simple moving average is $365.62. The company has a market capitalization of $1.80 trillion, a P/E ratio of 63.03, a P/E/G ratio of 0.65 and a beta of 1.45.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. During the same period in the prior year, the business posted $1.58 earnings per share. The business's quarterly revenue was up 47.9% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom's payout ratio is 43.33%.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Morgan Stanley said Broadcom remains one of its preferred ways to play the AI infrastructure buildout, calling AVGO an attractive risk-reward name after the recent semiconductor pullback. Broadcom stock gains 2% today: here's why
• Positive Sentiment: Analysts and market commentary highlighted Broadcom as a high-cash-flow AI chip stock that could benefit as investors look for quality names amid market volatility. 4 High Cash-Producing AI Chip Stocks to Buy Amid Market Uncertainties
• Positive Sentiment: Broadcom’s AI business is being viewed as a key driver of the investment case, with reports noting strong AI chip revenue growth and a larger shift toward AI-related mix. AMD vs. Broadcom: The Better AI-Chip Stock to Buy After the Sell-Off
• Positive Sentiment: Broadcom also announced a major infrastructure software deal with Standard Chartered to modernize banking cloud operations across 54 markets, which supports its VMware-based software revenue stream. Broadcom (AVGO) Lands Standard Chartered Deal To Power Banking Cloud In 54 Markets
• Neutral Sentiment: Broadcom was included in broader “buy the dip” chip-sector commentary as investors looked for value after the recent memory and AI semiconductor sell-off. The Memory Stock Sell-Off Created a ‘Strong Entry Point,' Says Morgan Stanley. Investors Are Buying In.
• Negative Sentiment: Recent articles also noted that semiconductor stocks had fallen into a bear market after a sharp index decline, reflecting ongoing sectorwide pressure that could cap gains for AVGO. Semiconductor stocks enter bear market: Is bubble burst next?

Analyst Ratings Changes

AVGO has been the subject of a number of research reports. Truist Financial lifted their target price on shares of Broadcom from $545.00 to $550.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Jefferies Financial Group set a $550.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research note on Thursday, June 4th. Mizuho increased their price objective on Broadcom from $480.00 to $530.00 and gave the stock an "outperform" rating in a report on Thursday, June 4th. Zacks Research cut Broadcom from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 21st. Finally, UBS Group set a $485.00 target price on Broadcom and gave the company a "buy" rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $493.24.

Insider Buying and Selling

In other news, Director Gayla J. Delly sold 1,890 shares of the business's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total value of $728,368.20. Following the completion of the sale, the director directly owned 31,326 shares in the company, valued at approximately $12,072,413.88. The trade was a 5.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry L. You acquired 1,000 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average cost of $373.57 per share, with a total value of $373,570.00. Following the completion of the acquisition, the director owned 38,466 shares in the company, valued at $14,369,743.62. This trade represents a 2.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 61,644 shares of company stock worth $24,016,214 over the last ninety days. Company insiders own 1.90% of the company's stock.

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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