First Manhattan CO. LLC. Sells 18,590 Shares of Broadcom Inc. $AVGO

Key Points

• First Manhattan CO. LLC. reduced its holdings in Broadcom Inc. by 0.8%, selling 18,590 shares and retaining 2,290,528 shares valued at approximately $383.5 million.
• Hedge funds like Vanguard Group and Price T Rowe Associates have increased their stakes in Broadcom, reflecting a broader institutional interest, as institutional investors now hold 76.43% of Broadcom stock.
• Broadcom's recent earnings report showed revenue of $15 billion with a year-over-year increase of 20.2%, and the company has set an optimistic EPS guidance of 5.38 for the current fiscal year.

First Manhattan CO. LLC. cut its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,290,528 shares of the semiconductor manufacturer's stock after selling 18,590 shares during the quarter. Broadcom comprises about 1.1% of First Manhattan CO. LLC.'s holdings, making the stock its 18th largest position. First Manhattan CO. LLC.'s holdings in Broadcom were worth $383,503,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Broadcom by 0.4% in the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock valued at $79,900,968,000 after buying an additional 2,085,534 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Broadcom by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer's stock valued at $10,968,270,000 after buying an additional 17,985,046 shares during the period. Nuveen LLC bought a new stake in shares of Broadcom in the first quarter valued at $6,649,117,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Broadcom by 1.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer's stock valued at $7,975,616,000 after buying an additional 581,704 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Broadcom by 3.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 33,852,310 shares of the semiconductor manufacturer's stock valued at $5,668,134,000 after buying an additional 1,043,948 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $297.39 on Monday. The firm has a market capitalization of $1.40 trillion, a P/E ratio of 111.38, a P/E/G ratio of 2.11 and a beta of 1.16. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock's 50-day simple moving average is $287.74 and its two-hundred day simple moving average is $234.66. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%.The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $10.96 EPS. Broadcom has set its Q3 2025 guidance at EPS. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research reports. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Susquehanna boosted their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective on the stock. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $340.00 price objective on shares of Broadcom in a research note on Wednesday, August 13th. Three research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $301.79.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock worth $217,286,457. 2.00% of the stock is owned by corporate insiders.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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