First Horizon Corp Decreases Stake in Broadcom Inc. $AVGO

Key Points

• First Horizon Corp reduced its Broadcom stake by 4.2% in the first quarter, selling 4,876 shares and ending with 111,389 shares worth about $34.5 million.
• Broadcom continues to attract heavy institutional interest, with 76.43% of shares owned by institutions; large investors like Vanguard, State Street, and Norges Bank also reported major holdings or increases.
• Broadcom posted a strong quarterly beat, reporting $2.44 EPS on $22.19 billion in revenue, and analysts remain broadly positive with a consensus rating of Moderate Buy and a price target of $493.24.

First Horizon Corp trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 111,389 shares of the semiconductor manufacturer's stock after selling 4,876 shares during the quarter. Broadcom accounts for approximately 1.4% of First Horizon Corp's holdings, making the stock its 11th biggest holding. First Horizon Corp's holdings in Broadcom were worth $34,476,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AVGO. Norges Bank bought a new stake in Broadcom in the fourth quarter valued at $24,252,196,000. Cardano Risk Management B.V. lifted its stake in shares of Broadcom by 895.2% in the 4th quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer's stock valued at $4,391,940,000 after purchasing an additional 11,414,701 shares during the period. State Street Corp grew its holdings in Broadcom by 2.7% in the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock worth $65,788,194,000 after purchasing an additional 5,040,801 shares during the period. Vanguard Group Inc. boosted its position in shares of Broadcom by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock worth $167,064,997,000 after purchasing an additional 3,919,715 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Broadcom by 47.5% in the fourth quarter. Nordea Investment Management AB now owns 9,814,757 shares of the semiconductor manufacturer's stock worth $3,406,211,000 after acquiring an additional 3,160,586 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada boosted their price objective on shares of Broadcom from $360.00 to $400.00 and gave the stock a "sector perform" rating in a report on Thursday, June 4th. Wall Street Zen raised shares of Broadcom from a "buy" rating to a "strong-buy" rating in a report on Wednesday, July 1st. Oppenheimer reiterated an "outperform" rating and set a $535.00 target price (up from $450.00) on shares of Broadcom in a research report on Thursday, June 4th. Benchmark increased their target price on shares of Broadcom from $485.00 to $545.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Finally, Seaport Research Partners reaffirmed a "neutral" rating on shares of Broadcom in a report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $493.24.

Broadcom Stock Performance

Broadcom stock opened at $399.97 on Monday. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a twelve month low of $269.58 and a twelve month high of $495.00. The company has a market cap of $1.90 trillion, a PE ratio of 66.66, a price-to-earnings-growth ratio of 0.70 and a beta of 1.45. The company's 50-day moving average price is $405.29 and its 200-day moving average price is $364.28.

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

Broadcom Announces Dividend

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

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s expanded Apple agreement, valued at more than $30 billion through 2031, strengthens visibility for revenue and highlights demand beyond AI chips. Why Broadcom Stock Rose Today
• Positive Sentiment: Analysts remain upbeat on Broadcom’s AI business, with Jefferies reiterating a Buy rating and a $550 price target as AI chip momentum improves. Broadcom’s (AVGO) AI Chip Momentum Keeps Wall Street Bullish
• Positive Sentiment: Broadcom is being viewed as a broader AI infrastructure winner because its networking products help connect large-scale AI systems, expanding the investment thesis beyond GPUs and custom chips. Broadcom stock's latest catalyst targets Nvidia where it looks strongest
• Neutral Sentiment: Some coverage notes Broadcom’s near-$2 trillion market value and strong AI revenue growth, but also suggests much of the good news may already be reflected in the stock. Broadcom Is Less Than 5% From the $2 Trillion Club -- and Apple Just Committed $30 Billion for More Chips
• Negative Sentiment: Erste Group downgraded Broadcom to Hold, citing valuation concerns, which may be limiting upside after the recent rally. Erste Group downgrades Broadcom to Hold citing valuation concerns

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $379.19, for a total transaction of $9,479,750.00. Following the transaction, the insider directly owned 219,989 shares in the company, valued at $83,417,628.91. This represents a 10.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 1,602 shares of the company's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the sale, the director owned 17,426 shares of the company's stock, valued at approximately $6,514,884.36. This represents a 8.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 36,644 shares of company stock valued at $13,982,964 in the last ninety days. 1.90% of the stock is owned by insiders.

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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