Manhattan West Asset Management LLC Sells 1,824 Shares of Broadcom Inc. $AVGO

Key Points

• Manhattan West Asset Management reduced its Broadcom stake by 5.8% in the fourth quarter, selling 1,824 shares and leaving it with 29,829 shares worth about $10.3 million.
• Insider selling has been active, with directors Gayla J. Delly and Justine Page recently selling shares, and Broadcom insiders selling 324,282 shares worth about $106.4 million over the last quarter.
• Broadcom reported better-than-expected quarterly results, including EPS of $2.05 and revenue of $19.31 billion, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $435.30.

Manhattan West Asset Management LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,829 shares of the semiconductor manufacturer's stock after selling 1,824 shares during the period. Broadcom accounts for approximately 2.1% of Manhattan West Asset Management LLC's holdings, making the stock its 14th largest position. Manhattan West Asset Management LLC's holdings in Broadcom were worth $10,324,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Providence First Trust Co grew its position in Broadcom by 1,099.3% in the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer's stock worth $2,944,000 after acquiring an additional 8,179 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in Broadcom by 3.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer's stock worth $109,492,000 after acquiring an additional 10,786 shares in the last quarter. Lmcg Investments LLC grew its position in Broadcom by 9.4% in the third quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer's stock worth $12,854,000 after acquiring an additional 3,357 shares in the last quarter. Wright Investors Service Inc. grew its position in Broadcom by 5.4% in the third quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer's stock worth $13,909,000 after acquiring an additional 2,178 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Broadcom by 10.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock worth $25,539,000 after buying an additional 7,499 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In other news, 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 owned 32,352 shares in the company, valued at approximately $11,592,045.12. This represents a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 2,018 shares of the stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total transaction of $712,354.00. Following the completion of the transaction, the director owned 18,164 shares of the company's stock, valued at approximately $6,411,892. This represents a 10.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

AVGO has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $475.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, March 5th. Morgan Stanley upped their price objective on shares of Broadcom from $462.00 to $470.00 and gave the stock an "overweight" rating in a report on Friday, March 6th. Mizuho reaffirmed an "outperform" rating and set a $480.00 price objective on shares of Broadcom in a report on Thursday, April 16th. Bank of America decreased their price objective on shares of Broadcom from $500.00 to $450.00 and set a "buy" rating for the company in a report on Thursday, March 5th. Finally, Royal Bank Of Canada decreased their price objective on shares of Broadcom from $370.00 to $340.00 and set a "sector perform" rating for the company in a report on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $435.30.

Broadcom Price Performance

Shares of Broadcom stock opened at $430.00 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. Broadcom Inc. has a fifty-two week low of $206.52 and a fifty-two week high of $437.68. The firm has a fifty day moving average price of $352.89 and a two-hundred day moving average price of $351.28. The company has a market cap of $2.04 trillion, a PE ratio of 83.98, a price-to-earnings-growth ratio of 0.85 and a beta of 1.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share 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 firm had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. During the same period in the prior year, the firm earned $1.60 EPS. The business's revenue was up 29.5% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 9.95 EPS for the current year.

Broadcom Announces Dividend

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

Key Stories Impacting 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

Broadcom Company 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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