Crossmark Global Holdings Inc. Purchases 32,954 Shares of Broadcom Inc. $AVGO

Key Points

• Crossmark Global Holdings increased its Broadcom stake by 8.9% in the fourth quarter, buying 32,954 shares and bringing its total holding to 404,900 shares worth about $140.1 million.
• Broadcom reported strong quarterly results, with EPS of $2.05 beating estimates and revenue of $19.31 billion, up 29.5% year over year.
• The company also paid a quarterly dividend of $0.65 per share, while analysts remain broadly positive with a Moderate Buy consensus and an average target price of about $439.97.

Crossmark Global Holdings Inc. boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 404,900 shares of the semiconductor manufacturer's stock after buying an additional 32,954 shares during the period. Broadcom accounts for approximately 2.0% of Crossmark Global Holdings Inc.'s portfolio, making the stock its 5th biggest holding. Crossmark Global Holdings Inc.'s holdings in Broadcom were worth $140,136,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. JCIC Asset Management Inc. acquired a new position in Broadcom during the third quarter worth approximately $31,000. Miller Global Investments LLC acquired a new position in Broadcom during the fourth quarter worth approximately $31,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $33,000. Manning & Napier Advisors LLC acquired a new position in shares of Broadcom in the third quarter valued at approximately $34,000. Finally, Family CFO Inc acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Up 5.5%

Broadcom stock opened at $439.79 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. Broadcom Inc. has a 1-year low of $221.60 and a 1-year high of $442.36. The company has a market cap of $2.08 trillion, a PE ratio of 85.90, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43. The stock's 50 day moving average price is $363.46 and its 200 day moving average price is $354.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. During the same period in the previous year, the business earned $1.60 earnings per share. The company's revenue for the quarter was up 29.5% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 9.95 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Insider Transactions at Broadcom

In related news, Director Justine Page sold 2,018 shares of Broadcom stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total value of $712,354.00. Following the sale, the director directly owned 18,164 shares in the company, valued at $6,411,892. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gayla J. Delly sold 1,000 shares of Broadcom stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $358.31, for a total value of $358,310.00. Following the completion of the sale, the director owned 32,352 shares in the company, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 324,282 shares of company stock valued at $106,425,249. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Erste Group Bank lowered Broadcom from a "buy" rating to a "hold" rating in a report on Thursday, April 2nd. Bank of America dropped their target price on Broadcom from $500.00 to $450.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. Rosenblatt Securities reissued a "buy" rating and issued a $500.00 target price on shares of Broadcom in a report on Tuesday, April 7th. Weiss Ratings lowered Broadcom from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Finally, Zacks Research raised Broadcom from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $439.97.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Wells Fargo and other analysts turned more bullish on Broadcom’s AI chip and data-center networking business, saying Wall Street may be underestimating demand from hyperscaler buildouts. Article Title
• Positive Sentiment: Broadcom is being framed as one of the main winners of the AI capital-spending cycle, with multiple articles highlighting accelerating custom AI silicon revenue and expectations for continued earnings growth into the next report. Article Title
• Positive Sentiment: Investor sentiment was also helped by major institutions and high-profile investors continuing to add to Broadcom positions, reinforcing the view that the AI thesis remains intact. Article Title
• Neutral Sentiment: Broadcom’s valuation remains elevated after its sharp run, so the stock may be sensitive to any sign that AI growth slows or expectations become too optimistic.
• Negative Sentiment: The company is also facing an EU antitrust lawsuit over VMware-related document requests, which adds a legal overhang even though it is not the main driver of today’s move. Article Title

Broadcom 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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