Broadcom Inc. $AVGO Stock Sold by Carnegie Investment Counsel

Carnegie Investment Counsel lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 346,038 shares of the semiconductor manufacturer's stock after selling 2,676 shares during the period. Broadcom makes up about 2.2% of Carnegie Investment Counsel's holdings, making the stock its 6th biggest holding. Carnegie Investment Counsel's holdings in Broadcom were worth $119,389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. State Street Corp lifted its stake in Broadcom by 8.7% during the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock worth $75,367,711,000 after purchasing an additional 16,651,378 shares during the last quarter. Bank of America Corp DE increased its position in shares of Broadcom by 4.6% during the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock valued at $23,202,543,000 after purchasing an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Broadcom by 3.8% during the 2nd quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $19,484,611,000 after buying an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Broadcom by 2.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock valued at $15,178,195,000 after buying an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Broadcom in the 2nd quarter worth approximately $11,998,148,000. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Down 0.5%

Shares of AVGO opened at $321.68 on Friday. The stock has a market capitalization of $1.54 trillion, a P/E ratio of 41.08 and a beta of 1.46. 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 firm has a fifty day simple moving average of $356.05 and a two-hundred day simple moving average of $384.25. Broadcom Inc. has a twelve month low of $289.96 and a twelve month high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The firm had revenue of $29.59 billion for the quarter, compared to analysts' expectations of $29.24 billion. During the same quarter in the previous year, the company earned $1.69 earnings per share. The company's revenue for the quarter was up 85.5% compared to the same quarter last year. On average, research analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, September 21st. Broadcom's payout ratio is currently 33.21%.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: ETF investors bought approximately $89.8 million of Broadcom shares on October 21, signaling continued institutional demand. Broadcom Sees $89.8 Million in Net ETF Buying
• Positive Sentiment: Analysts continue to highlight Broadcom’s leadership in custom AI accelerators. Demand from major AI labs and hyperscalers, including Anthropic, OpenAI and Meta, supports management’s ambitious long-term AI semiconductor growth outlook. 3 Magnificent AI Chip Stocks
• Positive Sentiment: Tigress Financial initiated coverage with a Buy rating and a $600 price target, implying substantial upside from recent trading levels. Tigress Financial Broadcom Coverage
• Positive Sentiment: Broadcom launched Arcot Scam Defense, a real-time fraud-detection feature for digital payments. Strong initial pilot results could create incremental growth for its software and security businesses. Broadcom Debuts Arcot Scam Defense
• Neutral Sentiment: Broadcom remains the leading custom-chip design partner, but Alphabet is diversifying its TPU suppliers. Although Broadcom may lose market share, the overall AI accelerator market is expected to expand rapidly, potentially offsetting that loss. Broadcom AI Chip Business Risks
• Negative Sentiment: Investors are worried that customer-owned chip design and increased competition from MediaTek could reduce Broadcom’s role and margins in future AI programs. Alphabet’s supplier diversification is the clearest near-term risk. Broadcom AI Chip Business Risks
• Negative Sentiment: The broader market sell-off is weighing on AI stocks amid higher oil prices, inflation concerns and questions about whether massive data-center investments will generate sufficient returns. Technical commentary identifies the $320 area as an important support test. Broadcom Faces Critical $320 Test

Analyst Upgrades and Downgrades

Several analysts have issued reports on AVGO shares. Citigroup reaffirmed a "buy" rating and issued a $515.00 target price (up from $500.00) on shares of Broadcom in a research note on Friday, September 4th. President Capital boosted their price objective on shares of Broadcom from $520.00 to $546.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Evercore set a $578.00 price objective on shares of Broadcom and gave the company an "outperform" rating in a research note on Thursday, September 3rd. Rosenblatt Securities began coverage on shares of Broadcom in a report on Thursday, September 3rd. They set a "buy" rating and a $600.00 target price on the stock. Finally, Fox Advisors upgraded shares of Broadcom to an "outperform" rating in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $529.17.

About Broadcom

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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