Douglas Lane & Associates LLC Buys 1,856 Shares of Broadcom Inc. $AVGO

Key Points

• Douglas Lane & Associates increased its Broadcom stake by 47.4% in the third quarter, purchasing 1,856 additional shares and bringing its holdings to 5,768 shares valued at approximately $2.03 million.
• Institutional investors own 76.43% of Broadcom, with major firms including State Street, Bank of America and Wellington Management increasing their positions.
• Wall Street maintains a bullish outlook, with Broadcom receiving a consensus “Moderate Buy” rating and an average price target of $527.20. The company also exceeded quarterly earnings and revenue estimates, reporting $3.32 in EPS and $29.59 billion in revenue.

Douglas Lane & Associates LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 47.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,768 shares of the semiconductor manufacturer's stock after acquiring an additional 1,856 shares during the quarter. Douglas Lane & Associates LLC's holdings in Broadcom were worth $2,026,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. State Street Corp grew its holdings in shares of 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 buying an additional 16,651,378 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Broadcom by 4.6% in the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock worth $23,202,543,000 after acquiring an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Broadcom by 3.8% in the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $19,484,611,000 after purchasing an additional 1,892,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Broadcom by 2.9% in the second 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 worth $15,178,195,000 after acquiring an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc acquired a new stake in Broadcom during the second quarter worth $11,998,148,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research reports. Cantor Fitzgerald upped their price target on Broadcom from $525.00 to $600.00 and gave the stock an "overweight" rating in a research note on Thursday, September 3rd. Raymond James Financial reaffirmed an "outperform" rating and set a $475.00 target price (up from $450.00) on shares of Broadcom in a research note on Thursday, September 3rd. TD Cowen restated a "buy" rating and issued a $475.00 price target (down from $500.00) on shares of Broadcom in a research note on Thursday, September 3rd. Wall Street Zen lowered Broadcom from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 18th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $575.00 price target on shares of Broadcom in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-seven have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $527.20.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom is reportedly arranging more than $50 billion in financing for custom AI chips being developed with OpenAI. Although discussions are preliminary, the potential project underscores the scale of expected demand for Broadcom’s custom silicon and could support substantial future revenue. Broadcom seeks more than $50 billion to finance OpenAI AI chips
• Positive Sentiment: At the OCP Global Summit, Broadcom highlighted new networking technologies designed to help hyperscalers scale AI clusters. The announcements reinforce its positioning in high-speed networking and custom AI infrastructure. Broadcom AI networking innovations
• Positive Sentiment: Record profits at Samsung and TSMC are being viewed as evidence that semiconductor demand and AI-related capital spending remain strong, a favorable backdrop for Broadcom’s chip and networking businesses. Record profits at Samsung and TSMC
• Positive Sentiment: Analysts and commentators continue to point to Broadcom’s rapid AI revenue growth and its roughly 24% decline from its 52-week high as a potential entry point, despite expectations for strong earnings growth. Broadcom is lagging the market

Broadcom Stock Up 0.4%

AVGO opened at $361.54 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50. Broadcom Inc. has a one year low of $289.96 and a one year high of $495.00. The company has a market cap of $1.73 trillion, a price-to-earnings ratio of 46.17 and a beta of 1.46. The business's fifty day moving average is $371.24 and its two-hundred day moving average is $382.38.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating the consensus estimate of $3.22 by $0.10. The company had revenue of $29.59 billion during the quarter, compared to analysts' expectations of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm's revenue was up 85.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.69 EPS. Analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Monday, September 21st. Broadcom's dividend payout ratio (DPR) is 33.21%.

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 wired and wireless communications, data center networking, broadband access, storage, industrial applications, and other markets.

The company's semiconductor portfolio includes networking and switching products, custom application-specific integrated circuits, wireless connectivity components, radio-frequency devices, optical components, and storage-related solutions.

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