Conning Inc. Purchases 9,151 Shares of Broadcom Inc. $AVGO

Key Points

• Conning Inc. increased its Broadcom stake by 32.5% in the fourth quarter, adding 9,151 shares to bring its total holdings to 37,267 shares valued at about $12.9 million.
• Broadcom reported a strong quarterly beat, with EPS of $2.05 versus the $2.03 estimate and revenue of $19.31 billion, up 29.5% year over year. Analysts expect the company to earn 9.97 EPS for the current fiscal year.
• Wall Street remains broadly positive on AVGO, with multiple firms maintaining or raising targets and the stock carrying an average rating of “Moderate Buy” and an average price target of $448.10.

Conning Inc. boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 32.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,267 shares of the semiconductor manufacturer's stock after acquiring an additional 9,151 shares during the quarter. Conning Inc.'s holdings in Broadcom were worth $12,898,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVGO. JCIC Asset Management Inc. bought a new stake in shares of Broadcom during the third quarter worth $31,000. Miller Global Investments LLC bought a new stake in shares of Broadcom during the fourth quarter worth $31,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Broadcom during the fourth quarter worth $33,000. Manning & Napier Advisors LLC bought a new stake in shares of Broadcom during the third quarter worth $34,000. Finally, Family CFO Inc bought a new stake in shares of Broadcom during the fourth quarter worth $35,000. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $411.07 on Wednesday. The firm's 50-day moving average price is $368.97 and its 200-day moving average price is $355.08. Broadcom Inc. has a 1-year low of $226.18 and a 1-year high of $442.36. The firm has a market capitalization of $1.95 trillion, a P/E ratio of 80.29, a P/E/G ratio of 0.87 and a beta of 1.43. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. During the same quarter in the prior year, the business earned $1.60 earnings per share. The business's quarterly revenue was up 29.5% compared to the same quarter last year. Equities research analysts anticipate that Broadcom Inc. will post 9.97 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, March 23rd. Broadcom's dividend payout ratio is currently 50.78%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AVGO. Zacks Research raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 2nd. Royal Bank Of Canada decreased their target price on shares of Broadcom from $370.00 to $340.00 and set a "sector perform" rating on the stock in a research note on Monday, March 2nd. Citigroup reissued a "buy" rating and issued a $500.00 price objective (up from $475.00) on shares of Broadcom in a research note on Tuesday, May 12th. Wolfe Research raised shares of Broadcom from a "peer perform" rating to an "outperform" rating and set a $400.00 price objective on the stock in a research note on Friday, January 30th. Finally, TD Cowen reissued a "buy" rating and issued a $500.00 price objective (up from $405.00) on shares of Broadcom in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $448.10.

Insider Buying and Selling

In related news, Director Gayla J. Delly sold 1,000 shares of the company's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $358.31, for a total value of $358,310.00. Following the sale, the director owned 32,352 shares in the company, valued at $11,592,045.12. This represents a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider S. Ram Velaga sold 8,000 shares of the company's stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the completion of the sale, the insider owned 57,932 shares in the company, valued at $21,464,964.64. This represents a 12.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 324,282 shares of company stock worth $106,425,249 over the last ninety days. Insiders own 1.90% of the company's stock.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom renewed its long-running technology partnership with LSEG in a new five-year agreement centered on VMware Cloud Foundation, expanding Broadcom’s role in LSEG’s private cloud infrastructure and adding professional services revenue potential. LSEG renews Broadcom partnership to expand cloud infrastructure strategy (AVGO)
• Positive Sentiment: Wall Street remains bullish on AVGO, with recent analyst updates and price targets pointing to confidence in Broadcom’s AI-driven growth and leadership in semiconductor and infrastructure software. Wall Street sets Broadcom stock price target for next 12 months
• Neutral Sentiment: Recent coverage continues to highlight Broadcom as a major AI infrastructure beneficiary, with analysts favoring AVGO over some peers because of its strong AI revenue growth and broad demand trends. ALAB vs. AVGO: Which AI Infrastructure Stock Is the Better Buy Now?
• Neutral Sentiment: Broader market commentary and stock-search interest have kept AVGO in the spotlight, but these items do not point to a direct fundamental change. Investors Heavily Search Broadcom Inc. (AVGO): Here is What You Need to Know
• Negative Sentiment: AVGO had recently been trading lower at times, reflecting some profit-taking even as the longer-term story remains tied to AI and enterprise software growth. Broadcom Inc. (AVGO) Declines More Than Market: Some Information for Investors

Broadcom Company 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.

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