Kornitzer Capital Management Inc. KS Buys 1,974 Shares of Broadcom Inc. $AVGO

Key Points

• Kornitzer Capital Management boosted its Broadcom stake by 4.7% in the fourth quarter, adding 1,974 shares to bring its total to 44,216 shares worth about $15.3 million.
• Broadcom posted strong quarterly results, beating EPS and revenue expectations with $2.05 per share on $19.31 billion in revenue, while revenue jumped 29.5% year over year.
• Insider selling was notable, with the CFO and another insider selling shares in March; separately, analysts remain generally positive, with Broadcom carrying a Moderate Buy rating and an average price target of $435.30.

Kornitzer Capital Management Inc. KS increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,216 shares of the semiconductor manufacturer's stock after acquiring an additional 1,974 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Broadcom were worth $15,303,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Baring Financial LLC raised its position in Broadcom by 2.2% during the 4th quarter. Baring Financial LLC now owns 1,359 shares of the semiconductor manufacturer's stock valued at $470,000 after purchasing an additional 29 shares during the last quarter. Five Oceans Advisors raised its position in Broadcom by 0.4% during the 4th quarter. Five Oceans Advisors now owns 8,191 shares of the semiconductor manufacturer's stock valued at $2,835,000 after purchasing an additional 29 shares during the last quarter. Jackson Hole Capital Partners LLC raised its position in Broadcom by 1.4% during the 3rd quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer's stock valued at $716,000 after purchasing an additional 30 shares during the last quarter. Private Wealth Partners LLC raised its position in Broadcom by 0.7% during the 3rd quarter. Private Wealth Partners LLC now owns 4,273 shares of the semiconductor manufacturer's stock valued at $1,410,000 after purchasing an additional 30 shares during the last quarter. Finally, Planning Alternatives Ltd. ADV raised its position in Broadcom by 1.4% during the 3rd quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer's stock valued at $715,000 after purchasing an additional 30 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 36,292 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $11,671,507.20. Following the completion of the transaction, the chief financial officer owned 327,760 shares of the company's stock, valued at approximately $105,407,616. This represents a 9.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 50,488 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $16,236,940.80. Following the completion of the sale, 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 sold a total of 324,282 shares of company stock worth $106,425,249 over the last 90 days. 1.90% of the stock is currently owned by insiders.

Broadcom Stock Up 4.2%

Shares of NASDAQ:AVGO opened at $430.00 on Friday. Broadcom Inc. has a 52-week low of $206.52 and a 52-week high of $437.68. The firm has a market capitalization of $2.04 trillion, a P/E ratio of 83.98, a P/E/G ratio of 0.89 and a beta of 1.43. The stock has a 50 day moving average price of $352.89 and a 200-day moving average price of $351.28. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm had revenue of $19.31 billion during the quarter, compared to analyst estimates of $19.10 billion. During the same quarter in the prior year, the company earned $1.60 EPS. The business's revenue was up 29.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 9.95 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Mizuho reaffirmed an "outperform" rating and set a $480.00 price target on shares of Broadcom in a research report on Thursday, April 16th. Bank of America lowered their price target on Broadcom from $500.00 to $450.00 and set a "buy" rating for the company in a research report on Thursday, March 5th. JPMorgan Chase & Co. upped their price target on Broadcom from $475.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, March 5th. DA Davidson raised Broadcom to a "hold" rating in a research report on Friday, February 13th. Finally, Zacks Research raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $435.30.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Negative Sentiment: Broadcom shares are under pressure after reports said OpenAI’s planned $18 billion custom chip deal with the company hit a financing roadblock, creating uncertainty around a key AI revenue driver. Broadcom shares slump as OpenAI’s $18B custom chip deal hits financing snag
• Negative Sentiment: Another report framed the OpenAI issue as a major setback for Broadcom’s custom AI chip ambitions, adding concern that one of its flagship customer relationships may not be as immediately monetizable as investors hoped. Broadcom's OpenAI mega AI deal hits $18 billion wall
• Neutral Sentiment: Broadcom also announced VMware by Broadcom VCF 9.1, a product update aimed at accelerating production AI workloads in private clouds, which supports the company’s long-term enterprise AI strategy. Broadcom (AVGO) Launches VCF 9.1 to Accelerate Production AI in Private Clouds
• Neutral Sentiment: Several commentary pieces remained constructive on Broadcom’s position in the AI infrastructure stack, noting that recent hyperscaler results still support demand for chips and networking tied to AI buildouts. Big Tech earnings support Broadcom’s outlook
• Neutral Sentiment: Broadcom was also mentioned in a public-sector VMware partnership update, which could help broaden enterprise distribution but is not likely the main driver of the stock today. evoila U.S. and Carahsoft Partner to Deliver VMware by Broadcom Services to the Public Sector

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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