Broadcom Inc. $AVGO Stock Position Raised by Torray Investment Partners LLC

Key Points

• Torray Investment Partners increased its Broadcom stake by 9.1% in the first quarter, bringing holdings to 99,470 shares worth about $30.8 million. Broadcom is now the fund’s second-largest position and makes up roughly 4.5% of its portfolio.
• Broadcom continues to benefit from a bullish AI and Apple-related narrative, with reports saying its multiyear Apple agreement could run through 2031 and support long-term revenue visibility. Analysts also described Broadcom as a “core AI winner.”
• The company posted strong quarterly results, with EPS of $2.44 and revenue of $22.19 billion, both slightly ahead of estimates, while revenue rose 47.9% year over year. Analyst sentiment remains positive, with a consensus rating of Moderate Buy and an average target price of $493.24.

Torray Investment Partners LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 99,470 shares of the semiconductor manufacturer's stock after acquiring an additional 8,333 shares during the period. Broadcom accounts for about 4.5% of Torray Investment Partners LLC's investment portfolio, making the stock its 2nd largest position. Torray Investment Partners LLC's holdings in Broadcom were worth $30,787,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AVGO. Norges Bank purchased a new stake in shares of Broadcom in the fourth quarter valued at about $24,252,196,000. Cardano Risk Management B.V. increased its stake in shares of Broadcom by 895.2% during the 4th quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer's stock worth $4,391,940,000 after purchasing an additional 11,414,701 shares in the last quarter. State Street Corp increased its stake in shares of Broadcom by 2.7% during the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock worth $65,788,194,000 after purchasing an additional 5,040,801 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Broadcom by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock worth $167,064,997,000 after purchasing an additional 3,919,715 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Broadcom by 47.5% during the 4th quarter. Nordea Investment Management AB now owns 9,814,757 shares of the semiconductor manufacturer's stock worth $3,406,211,000 after purchasing an additional 3,160,586 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Evercore ISI said Broadcom’s multiyear agreement with Apple is strategically positive, as it strengthens Apple’s AI compute silicon efforts and extends Broadcom’s role as a key custom-chip partner. Broadcom Inc. (AVGO) Agreement a Strategic Positive for Apple, says Evercore ISI
• Positive Sentiment: Reports say Broadcom secured its role as a key Apple supplier through 2031, giving investors more confidence in a long-duration revenue stream. Broadcom Inc. (AVGO) Secures Role as Key Apple Supplier with Chip Deal through 2031
• Positive Sentiment: Morgan Stanley described Broadcom as a “core AI winner,” keeping the stock in focus as one of the main beneficiaries of AI infrastructure spending. Broadcom is a 'core AI winner,' even as MediaTek encroaches, Morgan Stanley says
• Neutral Sentiment: Additional commentary highlighted Broadcom as a major AI stock and a possible outperformer versus other chip names, which adds to the bullish narrative but does not change the near-term business outlook directly. Is Broadcom Inc. (AVGO) a Buy as Wall Street Analysts Look Optimistic?
• Negative Sentiment: There was also an insider-selling headline, which can weigh on sentiment even if it does not necessarily reflect a change in the company’s fundamentals. Insider Selling: Broadcom NASDAQ: AVGO Insider Sells $9,479,750.00 in Stock

Broadcom Price Performance

Shares of Broadcom stock opened at $389.11 on Wednesday. Broadcom Inc. has a twelve month low of $273.00 and a twelve month high of $495.00. The stock has a market capitalization of $1.85 trillion, a P/E ratio of 64.85, a PEG ratio of 0.67 and a beta of 1.45. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. The business's fifty day moving average price is $403.86 and its 200 day moving average price is $364.80.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly 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. The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm's revenue was up 47.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.58 earnings per share. As a group, research analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Announces Dividend

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

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 1,602 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total value of $598,923.72. Following the completion of the sale, the director owned 17,426 shares of the company's stock, valued at $6,514,884.36. This represents a 8.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction on Friday, July 10th. The shares were sold at an average price of $401.33, for a total transaction of $10,033,250.00. Following the completion of the transaction, the insider directly owned 194,989 shares in the company, valued at approximately $78,254,935.37. This represents a 11.36% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 61,644 shares of company stock worth $24,016,214. 1.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $515.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, June 4th. JPMorgan Chase & Co. boosted their price target on Broadcom from $500.00 to $580.00 and gave the stock an "overweight" rating in a report on Thursday, June 4th. Citigroup restated a "buy" rating on shares of Broadcom in a research report on Thursday, June 4th. Dbs Bank raised Broadcom to a "moderate buy" rating in a research note on Thursday, June 18th. Finally, Weiss Ratings cut Broadcom from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $493.24.

Broadcom Profile

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.