Greenwood Capital Associates LLC Cuts Holdings in Broadcom Inc. $AVGO

Key Points

• Greenwood Capital Associates reduced its Broadcom stake by 10.8% in the first quarter, selling 3,857 shares and leaving it with 31,875 shares valued at about $9.87 million.
• Broadcom reported strong quarterly results, with EPS of $2.44 beating estimates and revenue of $22.19 billion topping expectations. Revenue jumped 47.9% year over year, underscoring continued growth momentum.
• The company also paid a quarterly dividend of $0.65 per share, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $493.24.

Greenwood Capital Associates LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 31,875 shares of the semiconductor manufacturer's stock after selling 3,857 shares during the quarter. Broadcom comprises about 1.1% of Greenwood Capital Associates LLC's investment portfolio, making the stock its 19th largest holding. Greenwood Capital Associates LLC's holdings in Broadcom were worth $9,866,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. ROSS JOHNSON & Associates LLC lifted its stake in shares of Broadcom by 1,320.0% during the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 66 shares during the period. Networth Advisors LLC boosted its stake in shares of Broadcom by 546.2% during the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer's stock worth $26,000 after acquiring an additional 71 shares in the last quarter. SWAN Capital LLC grew its stake in Broadcom by 261.9% in the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock valued at $26,000 after acquiring an additional 55 shares during the period. Miller Global Investments LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $31,000. Finally, Nvest Wealth Strategies Inc. acquired a new position in Broadcom during the fourth quarter worth about $33,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ AVGO opened at $399.97 on Monday. The business's 50 day moving average is $405.29 and its two-hundred day moving average is $364.28. Broadcom Inc. has a 12-month low of $269.58 and a 12-month high of $495.00. The stock has a market capitalization of $1.90 trillion, a price-to-earnings ratio of 66.66, a PEG ratio of 0.70 and a beta of 1.45. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.04. The firm had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.Broadcom's revenue was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.58 earnings per share. Research analysts expect that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom's dividend payout ratio is 43.33%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AVGO. UBS Group set a $485.00 price target on shares of Broadcom and gave the company a "buy" rating in a research report on Thursday, June 4th. Seaport Research Partners reissued a "neutral" rating on shares of Broadcom in a research note on Wednesday, April 8th. Royal Bank Of Canada lifted their price target on Broadcom from $360.00 to $400.00 and gave the stock a "sector perform" rating in a report on Thursday, June 4th. Morgan Stanley set a $502.00 target price on shares of Broadcom and gave the company an "overweight" rating in a research report on Thursday, June 4th. Finally, Evercore reaffirmed an "outperform" rating and set a $582.00 price target on shares of Broadcom in a research report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $493.24.

Key Headlines Impacting Broadcom

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

In other news, Director Harry L. You bought 1,000 shares of the stock in a transaction on Thursday, June 11th. The stock was purchased at an average cost of $373.57 per share, with a total value of $373,570.00. Following the purchase, the director owned 38,466 shares of the company's stock, valued at approximately $14,369,743.62. The trade was a 2.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Justine Page sold 1,602 shares of the firm's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the completion of the sale, the director directly owned 17,426 shares in the company, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,644 shares of company stock worth $13,982,964 in the last 90 days. Corporate insiders own 1.90% of the company's stock.

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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