GRIMES & Co WEALTH MANAGEMENT LLC Has $27.45 Million Position in Broadcom Inc. $AVGO

Key Points

• GRIMES & Co. Wealth Management reduced its Broadcom stake by 9.8% in the fourth quarter, but still held 79,322 shares valued at about $27.45 million at quarter-end.
• Broadcom’s stock rose 5.5% and recently traded near its 52-week high, with the company now carrying a $2.08 trillion market cap amid a strong run in AI-related demand.
• The company beat quarterly earnings and revenue expectations, reporting $2.05 EPS on $19.31 billion in revenue, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target around $439.97.

GRIMES & Co WEALTH MANAGEMENT LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,322 shares of the semiconductor manufacturer's stock after selling 8,594 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Broadcom were worth $27,453,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Brighton Jones LLC grew its holdings in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC grew its holdings in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after acquiring an additional 756 shares during the last quarter. United Bank grew its holdings in Broadcom by 76.5% during the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock worth $392,000 after acquiring an additional 1,014 shares during the last quarter. Sivia Capital Partners LLC grew its holdings in Broadcom by 10.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock worth $3,499,000 after acquiring an additional 1,160 shares during the last quarter. Finally, Capital & Planning LLC grew its holdings in Broadcom by 10.5% during the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock worth $1,098,000 after acquiring an additional 378 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Up 5.5%

Shares of NASDAQ AVGO opened at $439.79 on Friday. The company has a market capitalization of $2.08 trillion, a P/E ratio of 85.90, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43. Broadcom Inc. has a 52-week low of $221.60 and a 52-week high of $442.36. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. The company's 50 day moving average price is $363.46 and its 200-day moving average price is $354.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The company had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. During the same quarter in the previous year, the company earned $1.60 EPS. Broadcom's quarterly revenue was up 29.5% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, March 23rd. Broadcom's payout ratio is presently 50.78%.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 39,116 shares of the business's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $321.61, for a total transaction of $12,580,096.76. Following the transaction, the insider owned 74,626 shares in the company, valued at $24,000,467.86. The trade was a 34.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 50,488 shares of the business's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the transaction, the insider owned 278,141 shares in the company, valued at $89,450,145.60. The trade was a 15.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 324,282 shares of company stock worth $106,425,249 over the last quarter. 1.90% of the stock is currently owned by insiders.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Wells Fargo and other analysts turned more bullish on Broadcom’s AI chip and data-center networking business, saying Wall Street may be underestimating demand from hyperscaler buildouts. Article Title
• Positive Sentiment: Broadcom is being framed as one of the main winners of the AI capital-spending cycle, with multiple articles highlighting accelerating custom AI silicon revenue and expectations for continued earnings growth into the next report. Article Title
• Positive Sentiment: Investor sentiment was also helped by major institutions and high-profile investors continuing to add to Broadcom positions, reinforcing the view that the AI thesis remains intact. Article Title
• Neutral Sentiment: Broadcom’s valuation remains elevated after its sharp run, so the stock may be sensitive to any sign that AI growth slows or expectations become too optimistic.
• Negative Sentiment: The company is also facing an EU antitrust lawsuit over VMware-related document requests, which adds a legal overhang even though it is not the main driver of today’s move. Article Title

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research reports. Seaport Research Partners reissued a "neutral" rating on shares of Broadcom in a report on Wednesday, April 8th. Zacks Research raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 2nd. Wells Fargo & Company reissued an "overweight" rating and set a $545.00 target price (up from $430.00) on shares of Broadcom in a report on Thursday. Weiss Ratings lowered shares of Broadcom from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Finally, Erste Group Bank lowered shares of Broadcom from a "buy" rating to a "hold" rating in a report on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $439.97.

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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