Citizens Business Bank Cuts Position in Broadcom Inc. $AVGO

Key Points

• Citizens Business Bank reduced its Broadcom stake by 2.6% in the first quarter, selling 1,669 shares and ending with 62,996 shares worth about $19.5 million. Broadcom remains its 4th-largest position.
• Broadcom continues to attract bullish Wall Street attention thanks to strong AI-related momentum, an extended Apple chip partnership through 2031, and analyst reports pointing to roughly 32.8% implied upside from the average price target.
• The company reported solid recent fundamentals, including quarterly EPS of $2.44 versus $2.40 expected and revenue of $22.19 billion, while analysts currently rate the stock a Moderate Buy with an average target of $493.24.

Citizens Business Bank decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 62,996 shares of the semiconductor manufacturer's stock after selling 1,669 shares during the period. Broadcom makes up approximately 3.2% of Citizens Business Bank's holdings, making the stock its 4th biggest position. Citizens Business Bank's holdings in Broadcom were worth $19,498,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Persium Advisors LLC increased its position in Broadcom by 9.7% in the 1st quarter. Persium Advisors LLC now owns 2,588 shares of the semiconductor manufacturer's stock valued at $801,000 after acquiring an additional 229 shares during the period. CAP Partners LLC boosted its position in Broadcom by 9.4% during the 1st quarter. CAP Partners LLC now owns 2,857 shares of the semiconductor manufacturer's stock worth $884,000 after acquiring an additional 246 shares during the period. LGT Fund Management Co Ltd. grew its stake in shares of Broadcom by 310.3% in the first quarter. LGT Fund Management Co Ltd. now owns 255,765 shares of the semiconductor manufacturer's stock worth $79,162,000 after purchasing an additional 193,432 shares in the last quarter. Global Assets Advisory LLC grew its stake in shares of Broadcom by 59.0% in the first quarter. Global Assets Advisory LLC now owns 5,220 shares of the semiconductor manufacturer's stock worth $1,616,000 after purchasing an additional 1,937 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Broadcom by 7.7% during the first quarter. International Assets Investment Management LLC now owns 67,147 shares of the semiconductor manufacturer's stock valued at $21,029,000 after purchasing an additional 4,779 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom is being viewed as a major AI infrastructure winner, with recent coverage highlighting its accelerating AI revenue, record bookings, and strong customer partnerships. Snowflake vs. Broadcom: Which Enterprise AI Stock Is the Smarter Buy?
• Positive Sentiment: Wall Street commentary says Broadcom’s Apple agreement through 2031 is strategically positive and supports a durable revenue stream from custom chips and connectivity components. Why Broadcom (AVGO) Is Reinforcing Its Long-Term Growth With an Extended Apple Chip Partnership Through 2031
• Positive Sentiment: Analysts remain upbeat on Broadcom, with reports pointing to roughly 32.8% implied upside from the average price target and improving earnings estimate revisions. Wall Street Analysts See a 32.76% Upside in Broadcom Inc. (AVGO): Can the Stock Really Move This High?
• Positive Sentiment: Morgan Stanley called Broadcom a “core AI winner,” reinforcing the view that AVGO remains one of the main beneficiaries of AI spending. Broadcom is a 'core AI winner,' even as MediaTek encroaches, Morgan Stanley says
• Neutral Sentiment: Broadcom is also drawing heavy investor attention, which keeps the stock in focus but does not by itself change fundamentals. Broadcom Inc. (AVGO) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: Sentiment was tempered by reports that Broadcom executives sold shares, which can raise caution even though insider sales do not necessarily signal a business problem. Broadcom Executive Sells $10 Million in AVGO Stock. Is the Insider Sale a Warning Sign?
• Negative Sentiment: Reuters reported that five cloud business groups are urging EU regulators to suspend some Broadcom practices, adding a regulatory overhang to the name. Five cloud business groups urge EU interim measures against Broadcom

Insider Buying and Selling

In related news, Director Harry L. You acquired 1,000 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was bought at an average price of $373.57 per share, for a total transaction of $373,570.00. Following the transaction, the director owned 38,466 shares of the company's stock, valued at approximately $14,369,743.62. The trade was a 2.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction on Friday, July 10th. The stock was sold at an average price of $401.33, for a total value of $10,033,250.00. Following the sale, the insider directly owned 194,989 shares of the company's stock, valued at approximately $78,254,935.37. This represents a 11.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 61,644 shares of company stock worth $24,016,214 over the last quarter. 1.90% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $394.28 on Thursday. Broadcom Inc. has a twelve month low of $273.00 and a twelve month high of $495.00. 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 firm has a 50-day moving average of $403.23 and a two-hundred day moving average of $365.11. The company has a market capitalization of $1.88 trillion, a price-to-earnings ratio of 65.71, a PEG ratio of 0.68 and a beta of 1.45.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating the consensus estimate of $2.40 by $0.04. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business's quarterly revenue was up 47.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.58 earnings per share. As a group, analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on AVGO. TD Cowen reaffirmed a "buy" rating and issued a $500.00 price objective on shares of Broadcom in a report on Thursday, June 4th. Evercore reissued an "outperform" rating and set a $582.00 target price on shares of Broadcom in a research note on Tuesday, May 19th. UBS Group set a $485.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research note on Thursday, June 4th. Jefferies Financial Group set a $550.00 price objective on shares of Broadcom and gave the company a "buy" rating in a report on Thursday, June 4th. Finally, Royal Bank Of Canada raised their price objective on shares of Broadcom from $360.00 to $400.00 and gave the company a "sector perform" rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $493.24.

About Broadcom

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.

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