Harbor Investment Advisory LLC Trims Stock Position in Broadcom Inc. $AVGO

Key Points

• Harbor Investment Advisory LLC reduced its Broadcom stake by 8.3% in the first quarter, selling 2,380 shares and leaving it with 26,395 shares valued at about $8.17 million.
• Despite some selling by Harbor, Broadcom remains heavily owned by institutions, with hedge funds and other institutional investors holding 76.43% of the stock. Several large firms, including Norges Bank, State Street, and Vanguard, have recently increased or initiated sizable positions.
• Wall Street sentiment is still mostly bullish: multiple analysts raised price targets on AVGO, and the consensus rating remains Moderate Buy with a consensus target of $493.24. Broadcom also reported strong quarterly results, including 47.9% revenue growth year over year and EPS that beat estimates.

Harbor Investment Advisory LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 26,395 shares of the semiconductor manufacturer's stock after selling 2,380 shares during the quarter. Broadcom accounts for about 0.6% of Harbor Investment Advisory LLC's portfolio, making the stock its 27th largest holding. Harbor Investment Advisory LLC's holdings in Broadcom were worth $8,170,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of AVGO. Norges Bank purchased a new stake in Broadcom during the fourth quarter worth $24,252,196,000. Cardano Risk Management B.V. grew its position in Broadcom by 895.2% during the fourth 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 buying an additional 11,414,701 shares during the period. State Street Corp increased 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 valued at $65,788,194,000 after buying an additional 5,040,801 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Broadcom by 499.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer's stock valued at $1,858,789,000 after buying an additional 4,694,313 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock valued at $167,064,997,000 after buying an additional 3,919,715 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AVGO shares. Mizuho increased their target price on shares of Broadcom from $480.00 to $530.00 and gave the stock an "outperform" rating in a research note on Thursday, June 4th. Oppenheimer restated an "outperform" rating and issued a $535.00 price target (up from $450.00) on shares of Broadcom in a research note on Thursday, June 4th. KeyCorp reaffirmed an "overweight" rating and issued a $575.00 price target (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. Jefferies Financial Group set a $550.00 price target on Broadcom and gave the stock a "buy" rating in a research report on Thursday, June 4th. Finally, Zacks Research lowered Broadcom from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $493.24.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 4,825 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $394.91, for a total transaction of $1,905,440.75. Following the completion of the sale, the insider directly owned 269,989 shares in the company, valued at approximately $106,621,355.99. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $358.31, for a total value of $358,310.00. Following the completion of the transaction, the director directly owned 32,352 shares of the company's stock, valued at approximately $11,592,045.12. This represents a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 60,987 shares of company stock valued at $21,899,980. Insiders own 1.90% of the company's stock.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: JPMorgan, UBS, Jefferies and other analysts remain constructive on Broadcom’s AI-driven growth, with price targets well above current levels and continued optimism around custom AI silicon demand, including exposure to customers such as OpenAI and Anthropic. UBS Reaffirms Buy Rating on Broadcom (AVGO) Amid AI ASIC Demand and OpenAI, Anthropic Growth
• Positive Sentiment: Articles highlighting Broadcom’s partnership with OpenAI on the “Jalapeño” AI accelerator reinforce the market’s bullish view that AI infrastructure can keep driving revenue growth. What Broadcom (AVGO)'s Jalapeño AI Accelerator Partnership With OpenAI Means For Shareholders
• Neutral Sentiment: Several recent write-ups argue Broadcom may be attractive after its pullback, but they mostly restate the same long-term thesis rather than pointing to a new catalyst. Why Broadcom Stock Slumped Today
• Neutral Sentiment: Investors continue to search for clues on whether Broadcom can rebound from its post-earnings decline, with coverage focusing on earnings estimates and fair-value changes. Broadcom (AVGO) Stock Gets Fair Value Boost As Analysts Split On AI Outlook
• Negative Sentiment: Director Justine Page sold 1,602 shares of Broadcom stock, extending insider-selling headlines that can weigh on sentiment even if the sale is relatively small versus the company’s size. SEC Form 4 filing for Justine Page sale
• Negative Sentiment: Broadcom remains about 14% below its last earnings report level, and recent commentary suggests investors are still uneasy about whether the company’s strong results were enough to justify its premium valuation. Broadcom Inc. (AVGO) Down 14% Since Last Earnings Report: Can It Rebound?

Broadcom Price Performance

AVGO stock opened at $360.45 on Friday. Broadcom Inc. has a 52 week low of $269.58 and a 52 week high of $495.00. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The firm has a 50-day simple moving average of $407.92 and a 200-day simple moving average of $362.33. The stock has a market capitalization of $1.71 trillion, a P/E ratio of 60.08, a P/E/G ratio of 0.63 and a beta of 1.45.

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

Broadcom Dividend Announcement

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 $0.65 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom's payout ratio is currently 43.33%.

About Broadcom

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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