Broadcom Inc. $AVGO Stock Position Reduced by Brady Family Wealth LLC

Key Points

• Brady Family Wealth cut its Broadcom position by 5.1% in the third quarter, selling 2,088 shares. It still held 39,147 shares worth about $13.75 million, making Broadcom its fourth-largest portfolio holding.
• Broadcom reported quarterly earnings of $3.32 per share, topping estimates of $3.22, while revenue rose 85.5% year over year to $29.59 billion.
• Analysts maintained a broadly positive outlook: MarketBeat reported a “Moderate Buy” consensus rating and an average price target of $530.52. Broadcom also declared a quarterly dividend of $0.65 per share.

Brady Family Wealth LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,147 shares of the semiconductor manufacturer's stock after selling 2,088 shares during the period. Broadcom makes up about 4.1% of Brady Family Wealth LLC's portfolio, making the stock its 4th biggest position. Brady Family Wealth LLC's holdings in Broadcom were worth $13,748,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. QTR Family Wealth LLC lifted its holdings in Broadcom by 1.4% in the third quarter. QTR Family Wealth LLC now owns 12,525 shares of the semiconductor manufacturer's stock valued at $4,399,000 after acquiring an additional 173 shares during the period. Platform Technology Partners grew its stake in shares of Broadcom by 8.9% during the 3rd quarter. Platform Technology Partners now owns 6,022 shares of the semiconductor manufacturer's stock worth $2,115,000 after purchasing an additional 490 shares during the period. Capstone Wealth Management LLC increased its holdings in shares of Broadcom by 18.5% during the 3rd quarter. Capstone Wealth Management LLC now owns 3,358 shares of the semiconductor manufacturer's stock valued at $1,179,000 after purchasing an additional 525 shares in the last quarter. Quest 10 Wealth Builders Inc. increased its holdings in shares of Broadcom by 28.0% during the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 1,345 shares of the semiconductor manufacturer's stock valued at $473,000 after purchasing an additional 294 shares in the last quarter. Finally, TFB Advisors LLC lifted its stake in shares of Broadcom by 2.7% in the 3rd quarter. TFB Advisors LLC now owns 4,474 shares of the semiconductor manufacturer's stock valued at $1,571,000 after purchasing an additional 118 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Broadcom stock opened at $293.69 on Monday. The stock has a market capitalization of $1.40 trillion, a PE ratio of 37.51 and a beta of 1.49. Broadcom Inc. has a 12 month low of $289.77 and a 12 month high of $495.00. The business has a 50 day simple moving average of $347.89 and a 200-day simple moving average of $366.17. 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 (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business had revenue of $29.59 billion during the quarter, compared to the consensus estimate of $29.24 billion. During the same period in the prior year, the company posted $1.69 EPS. The business's quarterly revenue was up 85.5% on a year-over-year basis. On average, analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared 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 of this dividend was Monday, September 21st. Broadcom's payout ratio is presently 33.21%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVGO. Lake Street Capital raised shares of Broadcom to a "buy" rating in a report on Thursday, September 3rd. Piper Sandler initiated coverage on shares of Broadcom in a research report on Wednesday, September 9th. They set an "overweight" rating and a $460.00 price target on the stock. President Capital lifted their price objective on shares of Broadcom from $520.00 to $546.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. DA Davidson upgraded shares of Broadcom from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $350.00 to $400.00 in a research report on Tuesday, October 27th. Finally, TD Cowen reiterated a "buy" rating and issued a $475.00 price objective (down from $500.00) on shares of Broadcom in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $530.52.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Broadcom Company 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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