Maple Capital Management Inc. Grows Holdings in Broadcom Inc. $AVGO

Key Points

• Maple Capital Management dramatically increased its Broadcom stake by 5,189.9% in the fourth quarter, ending with 79,137 shares worth about $27.4 million.
• Broadcom continues to draw strong institutional interest, with hedge funds and other investors owning 76.43% of the stock and several firms recently boosting their positions.
• The company reported better-than-expected quarterly results, including EPS of $2.05 and revenue of $19.31 billion, while analysts remain broadly positive with a consensus rating of Moderate Buy and a target price of $436.13.

Maple Capital Management Inc. raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5,189.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 79,137 shares of the semiconductor manufacturer's stock after buying an additional 77,641 shares during the period. Broadcom comprises 1.7% of Maple Capital Management Inc.'s investment portfolio, making the stock its 20th biggest position. Maple Capital Management Inc.'s holdings in Broadcom were worth $27,389,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Brighton Jones LLC increased its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC increased its holdings in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares in the last quarter. United Bank increased its stake in shares of Broadcom by 76.5% during the first quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock worth $392,000 after purchasing an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC increased its stake in shares of Broadcom by 10.1% during the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock worth $3,499,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Capital & Planning LLC increased its stake in shares of Broadcom by 10.5% during the second quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock worth $1,098,000 after purchasing an additional 378 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 0.6%

Shares of NASDAQ AVGO opened at $416.79 on Thursday. Broadcom Inc. has a 12-month low of $221.60 and a 12-month high of $437.68. The stock has a market cap of $1.97 trillion, a PE ratio of 81.40, a P/E/G ratio of 0.87 and a beta of 1.43. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average of $360.94 and a 200 day moving average of $353.52.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $19.10 billion. During the same quarter in the prior year, the company earned $1.60 EPS. Broadcom's revenue was up 29.5% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom Inc. will post 9.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Analysts Set New Price Targets

AVGO has been the subject of a number of research reports. Truist Financial boosted their target price on shares of Broadcom from $510.00 to $545.00 and gave the stock a "buy" rating in a research note on Thursday, March 5th. Seaport Research Partners reissued a "neutral" rating on shares of Broadcom in a research note on Wednesday, April 8th. Morgan Stanley boosted their target price on shares of Broadcom from $462.00 to $470.00 and gave the stock an "overweight" rating in a research note on Friday, March 6th. Erste Group Bank cut shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Thursday, April 2nd. Finally, Citigroup reissued a "buy" rating and set a $500.00 target price (up from $475.00) on shares of Broadcom in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $436.13.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Citi raised its price target on Broadcom to $500 from $475 and kept a Buy rating, saying the company remains one of Wall Street’s top semiconductor picks heading into earnings on continued AI demand. Broadcom Enters Earnings As Citi's Top Semiconductor Pick
• Positive Sentiment: Multiple reports highlighted Broadcom’s growing role in custom AI silicon and AI infrastructure, including talk of a large financing package to support its chipmaking buildout, reinforcing the bullish long-term AI investment case. Why Broadcom (AVGO) Is Becoming a Bigger Force in Custom AI Silicon
• Positive Sentiment: Fund-flow headlines were supportive, with Chris Rokos reportedly buying Broadcom and Mirova US LLC increasing its stake, suggesting institutional confidence remains strong. Broadcom Inc. (AVGO): Chris Rokos Is Buying This Chip Stock
• Neutral Sentiment: Broadcom sued EU antitrust regulators over a request for U.S. legal documents tied to the VMware deal, which adds legal noise but is not yet a clear business fundamental issue. Broadcom sues EU antitrust regulators over request for US legal documents
• Negative Sentiment: Recent trading showed Broadcom easing after a strong run, and some commentary warned that tech valuations are becoming crowded, which may be prompting profit-taking in the stock. Broadcom Inc. (AVGO) Dips More Than Broader Market: What You Should Know
• Negative Sentiment: Some holders also trimmed positions, including PRIMECAP Management and Cincinnati Specialty Underwriters, adding a modest overhang to sentiment. PRIMECAP Management Co trims Broadcom stake by 12,410 shares

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 50,488 shares of the company's stock in a transaction dated 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 completion of the sale, the insider owned 278,141 shares of the company's stock, valued at approximately $89,450,145.60. This represents a 15.36% 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 S. Ram Velaga sold 8,000 shares of the company's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the sale, the insider directly owned 57,932 shares of the company's stock, valued at approximately $21,464,964.64. This represents a 12.13% 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 in the last 90 days. 1.90% of the stock is owned by insiders.

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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