Broadcom Inc. $AVGO Stock Position Raised by GRIMES & Co WEALTH MANAGEMENT LLC

Key Points

• GRIMES & Co. Wealth Management increased its Broadcom stake by 3% in the third quarter, adding 2,012 shares to hold 69,055 shares valued at about $24.25 million.
• Several other institutional investors also added to their positions, and institutions and hedge funds collectively own 76.43% of Broadcom shares.
• Broadcom beat quarterly earnings and revenue estimates, while its AI semiconductor revenue exceeded its target; however, the article notes concerns over chip-sector weakness and potential constraints on AI infrastructure spending.

GRIMES & Co WEALTH MANAGEMENT LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,055 shares of the semiconductor manufacturer's stock after purchasing an additional 2,012 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Broadcom were worth $24,251,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BOCHK Asset Management Ltd increased its holdings in shares of Broadcom by 19.0% during the third quarter. BOCHK Asset Management Ltd now owns 32,089 shares of the semiconductor manufacturer's stock worth $11,269,000 after buying an additional 5,129 shares in the last quarter. Next Level Wealth Planning LLC bought a new position in shares of Broadcom in the third quarter valued at approximately $96,000. Blue Bell Private Wealth Management LLC boosted its holdings in shares of Broadcom by 2.7% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 1,217 shares of the semiconductor manufacturer's stock worth $427,000 after acquiring an additional 32 shares in the last quarter. Frederick Financial Consultants LLC boosted its holdings in shares of Broadcom by 5.1% in the 3rd quarter. Frederick Financial Consultants LLC now owns 2,405 shares of the semiconductor manufacturer's stock worth $845,000 after acquiring an additional 116 shares in the last quarter. Finally, Summit Wealth Group LLC Co. grew its position in Broadcom by 139.0% during the 3rd quarter. Summit Wealth Group LLC Co. now owns 12,122 shares of the semiconductor manufacturer's stock worth $4,257,000 after acquiring an additional 7,051 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue reached $16.7 billion last quarter, above its $16 billion target, and management expects higher AI revenue next quarter. That outlook supports the case that demand remains strong despite concerns about competition. Article: Is Broadcom Stock a Buy Now?
• Positive Sentiment: Broadcom was included on Bank of America’s “global defenders” list, while ETFs reportedly added about $267.7 million of AVGO shares on Nov. 2—potential signs of institutional interest. Article: BofA adds TSLA, AVGO, IBM, others to its global defenders list Article: 53 ETFs Add to Broadcom Holdings
• Neutral Sentiment: Some recent commentary sees a possible turning point, arguing that the disconnect between falling shares and fast-growing AI revenue may not persist. This is an analyst view, not a confirmed catalyst. Article: Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: The immediate headwind is a broader chip-stock rout, with investors increasingly worried that AI regulation and constraints on data-center development could curb future spending. Coverage also points to a Texas permit freeze as a potential source of uncertainty for AI infrastructure demand. Article: Broadcom Sinks as AI Regulation Fears Deepen Chip Rout Article: Steve Weiss Says the Midterms Just Put a Lid on AI Spending

Broadcom Price Performance

Broadcom stock opened at $291.53 on Friday. The business's 50-day simple moving average is $349.45 and its 200 day simple moving average is $366.37. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1.39 trillion, a price-to-earnings ratio of 37.23 and a beta of 1.49. Broadcom Inc. has a 12-month low of $289.96 and a 12-month high of $495.00.

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.9%. The ex-dividend date was Monday, September 21st. Broadcom's dividend payout ratio is currently 33.21%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Citic Securities raised Broadcom to a "buy" rating and raised their price target for the company from $450.00 to $525.00 in a report on Tuesday, September 8th. BNP Paribas Exane boosted their price objective on Broadcom from $675.00 to $715.00 and gave the stock an "outperform" rating in a research note on Friday, September 4th. BMO Capital Markets increased their target price on Broadcom from $455.00 to $575.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. The Goldman Sachs Group raised their target price on Broadcom from $525.00 to $540.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Finally, Citigroup cut Broadcom from a "buy" rating to a "neutral" rating in a report 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 issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $530.52.

Broadcom 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.

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