Broadcom Inc. $AVGO Stock Purchased by Lyell Wealth Management LP

Key Points

• Lyell Wealth Management increased its Broadcom stake by 6.8% in the third quarter, adding 3,130 shares to hold 49,145 shares valued at approximately $17.3 million.
• Broadcom reported quarterly EPS of $3.32, ahead of the $3.22 estimate, while revenue rose 85.5% year over year to $29.59 billion.
• Shares traded at $293.69, well below their 50- and 200-day moving averages; analysts nevertheless maintained a “Moderate Buy” consensus and an average price target of $530.52.

Lyell Wealth Management LP raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,145 shares of the semiconductor manufacturer's stock after purchasing an additional 3,130 shares during the quarter. Broadcom accounts for approximately 1.0% of Lyell Wealth Management LP's investment portfolio, making the stock its 27th largest holding. Lyell Wealth Management LP's holdings in Broadcom were worth $17,259,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cornerstone Advisors LLC purchased a new stake in Broadcom in the second quarter worth about $92,522,000. GAMMA Investing LLC lifted its position in shares of Broadcom by 8.8% during the third quarter. GAMMA Investing LLC now owns 164,015 shares of the semiconductor manufacturer's stock valued at $55,889,000 after buying an additional 13,317 shares during the last quarter. ANB Bank purchased a new stake in shares of Broadcom during the third quarter valued at about $1,181,000. Bank of America Corp DE boosted its holdings in shares of Broadcom by 1.5% in the 1st quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer's stock valued at $18,179,719,000 after buying an additional 894,564 shares in the last quarter. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Broadcom in the 2nd quarter valued at about $3,302,000. Institutional investors own 76.43% of the company's stock.

Broadcom News Summary

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 Stock Performance

NASDAQ:AVGO traded up $2.16 during trading hours on Friday, hitting $293.69. 32,366,942 shares of the company were exchanged, compared to its average volume of 22,165,412. The stock has a market capitalization of $1.40 trillion, a price-to-earnings ratio of 37.51 and a beta of 1.49. Broadcom Inc. has a 52-week low of $289.77 and a 52-week high of $495.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. The company's 50 day moving average price is $347.89 and its 200-day moving average price is $366.17.

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

Broadcom Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AVGO shares. Bank of America reduced their price objective on shares of Broadcom from $530.00 to $460.00 and set a "buy" rating for the company in a research note on Thursday, September 3rd. Oppenheimer initiated coverage on shares of Broadcom in a research note on Tuesday, October 27th. They issued a "buy" rating for the company. Lake Street Capital raised shares of Broadcom to a "buy" rating in a report on Thursday, September 3rd. Royal Bank Of Canada started coverage on Broadcom in a research report on Thursday, September 3rd. They set an "outperform" rating on the stock. Finally, Jefferies Financial Group initiated coverage on Broadcom in a report on Thursday, September 3rd. They set a "buy" rating and a $550.00 price objective for the company. One research 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. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and an average price target of $530.52.

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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