Fischer Financial Services Inc. Makes New Investment in Broadcom Inc. $AVGO

Key Points

• Fischer Financial Services initiated a Broadcom position in the third quarter, buying 24,580 shares worth about $8.63 million. The stock represents 2.1% of its portfolio and is its 13th-largest holding.
• Broadcom reported quarterly earnings of $3.32 per share, ahead of the $3.22 consensus, on $29.59 billion in revenue; revenue rose 85.5% year over year.
• Analyst sentiment was broadly positive: 39 analysts rated Broadcom a Buy, with a consensus price target of $530.52. Institutional investors collectively owned 76.43% of the company.

Fischer Financial Services Inc. bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 24,580 shares of the semiconductor manufacturer's stock, valued at approximately $8,632,000. Broadcom makes up 2.1% of Fischer Financial Services Inc.'s portfolio, making the stock its 13th biggest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Family CFO Inc raised its holdings in shares of Broadcom by 1.4% during the 3rd quarter. Family CFO Inc now owns 5,681 shares of the semiconductor manufacturer's stock valued at $1,995,000 after purchasing an additional 81 shares in the last quarter. Putney Financial Group LLC acquired a new stake in Broadcom during the third quarter worth approximately $126,000. TTP Investments Inc. raised its stake in Broadcom by 1.2% in the 3rd quarter. TTP Investments Inc. now owns 20,837 shares of the semiconductor manufacturer's stock valued at $7,318,000 after acquiring an additional 251 shares during the period. Watershed Private Wealth LLC boosted its stake in shares of Broadcom by 107.7% in the 3rd quarter. Watershed Private Wealth LLC now owns 3,448 shares of the semiconductor manufacturer's stock valued at $1,211,000 after purchasing an additional 1,788 shares in the last quarter. Finally, New Capital Management LP grew its stake in Broadcom by 8.5% in the third quarter. New Capital Management LP now owns 1,858 shares of the semiconductor manufacturer's stock worth $653,000 after purchasing an additional 146 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $293.69 on Friday. The firm has a 50-day moving average of $347.89 and a 200-day moving average of $366.17. The company has a market cap of $1.40 trillion, a P/E ratio of 37.51 and a beta of 1.49. Broadcom Inc. has a one year low of $289.77 and a one year high of $495.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29.

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

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were given a $0.65 dividend. The ex-dividend date was Monday, September 21st. This represents a $2.60 annualized dividend and a dividend yield of 0.9%. Broadcom's dividend payout ratio (DPR) is 33.21%.

Analyst Ratings Changes

A number of research analysts have recently commented on AVGO shares. The Goldman Sachs Group upped their target price on Broadcom from $525.00 to $540.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. HC Wainwright assumed coverage on shares of Broadcom in a research note on Tuesday, October 27th. They issued a "buy" rating on the stock. Oppenheimer assumed coverage on Broadcom in a report on Tuesday, October 27th. They issued a "buy" rating for the company. BMO Capital Markets boosted their target price on shares of Broadcom from $455.00 to $575.00 and gave the company an "outperform" rating in a research note on Thursday, September 3rd. Finally, Truist Financial dropped their price target on Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $530.52.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

About Broadcom

Broadcom Inc is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics.

Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.

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