Journey Retirement Planning & Investment Management LLC Buys 1,679 Shares of Broadcom Inc. $AVGO

Key Points

• Journey Retirement Planning & Investment Management increased its Broadcom position by 49.8% in the third quarter, holding 5,048 shares valued at approximately $1.77 million. Institutional investors collectively own 76.43% of Broadcom.
• Analysts remain broadly bullish, with Broadcom receiving a consensus “Moderate Buy” rating and an average price target of $527.20. Recent targets range from $460 to $575.
• Broadcom reported quarterly revenue of $29.59 billion, up 85.5% year over year, and EPS of $3.32, beating estimates. The company also pays a quarterly dividend of $0.65, equivalent to a 0.7% annual yield.

Journey Retirement Planning & Investment Management LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 49.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 5,048 shares of the semiconductor manufacturer's stock after purchasing an additional 1,679 shares during the period. Broadcom accounts for approximately 1.2% of Journey Retirement Planning & Investment Management LLC's portfolio, making the stock its 14th largest position. Journey Retirement Planning & Investment Management LLC's holdings in Broadcom were worth $1,773,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. State Street Corp increased its holdings in Broadcom by 8.7% in the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock worth $75,367,711,000 after purchasing an additional 16,651,378 shares in the last quarter. Bank of America Corp DE boosted its holdings in Broadcom by 4.6% in the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock worth $23,202,543,000 after acquiring an additional 2,685,916 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Broadcom by 3.8% during the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $19,484,611,000 after acquiring an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Broadcom by 2.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock worth $15,178,195,000 after purchasing an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in Broadcom in the 2nd quarter valued at $11,998,148,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AVGO. Jefferies Financial Group assumed coverage on Broadcom in a report on Thursday, September 3rd. They issued a "buy" rating and a $550.00 target price on the stock. Bank of America cut their price objective on Broadcom from $530.00 to $460.00 and set a "buy" rating on the stock in a research report on Thursday, September 3rd. Fox Advisors upgraded shares of Broadcom to an "outperform" rating in a research report on Thursday, September 3rd. BMO Capital Markets raised their price target on shares of Broadcom from $455.00 to $575.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. Finally, President Capital boosted their target price on Broadcom from $520.00 to $546.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-seven have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $527.20.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom is reportedly arranging more than $50 billion in financing for custom AI chips being developed with OpenAI. Although discussions are preliminary, the potential project underscores the scale of expected demand for Broadcom’s custom silicon and could support substantial future revenue. Broadcom seeks more than $50 billion to finance OpenAI AI chips
• Positive Sentiment: At the OCP Global Summit, Broadcom highlighted new networking technologies designed to help hyperscalers scale AI clusters. The announcements reinforce its positioning in high-speed networking and custom AI infrastructure. Broadcom AI networking innovations
• Positive Sentiment: Record profits at Samsung and TSMC are being viewed as evidence that semiconductor demand and AI-related capital spending remain strong, a favorable backdrop for Broadcom’s chip and networking businesses. Record profits at Samsung and TSMC
• Positive Sentiment: Analysts and commentators continue to point to Broadcom’s rapid AI revenue growth and its roughly 24% decline from its 52-week high as a potential entry point, despite expectations for strong earnings growth. Broadcom is lagging the market

Broadcom Trading Up 0.4%

Shares of AVGO stock opened at $361.54 on Friday. The firm has a market cap of $1.73 trillion, a P/E ratio of 46.17 and a beta of 1.46. The business has a 50-day moving average price of $371.24 and a two-hundred day moving average price of $382.38. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. Broadcom Inc. has a 12-month low of $289.96 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating the consensus estimate of $3.22 by $0.10. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The company had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. During the same quarter last year, the firm earned $1.69 EPS. The firm's quarterly revenue was up 85.5% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, September 21st. Broadcom's dividend payout ratio (DPR) is currently 33.21%.

Broadcom Company Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops, and supplies semiconductor and infrastructure software products. Its semiconductor solutions support wired and wireless communications, data center networking, broadband access, storage, industrial applications, and other markets.

The company's semiconductor portfolio includes networking and switching products, custom application-specific integrated circuits, wireless connectivity components, radio-frequency devices, optical components, and storage-related solutions.

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