Meitav Investment House Ltd. Raises Stock Holdings in Broadcom Inc. $AVGO

Key Points

• Meitav Investment House Ltd. increased its Broadcom stake by 52.7% in the first quarter, buying an additional 127,427 shares and bringing its total holding to 369,171 shares worth about $113.3 million.
• Broadcom reported strong fiscal results for the quarter, with earnings per share of $2.44 topping estimates and revenue of $22.19 billion, up 47.9% year over year.
• The company also paid a quarterly dividend of $0.65 per share, while the stock traded slightly lower on Friday at $399.97 amid mixed insider activity and continued bullish analyst sentiment.

Meitav Investment House Ltd. lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 52.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 369,171 shares of the semiconductor manufacturer's stock after acquiring an additional 127,427 shares during the period. Broadcom accounts for approximately 1.2% of Meitav Investment House Ltd.'s portfolio, making the stock its 21st biggest holding. Meitav Investment House Ltd.'s holdings in Broadcom were worth $113,302,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of 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 during the last quarter. State Street Corp boosted its position in Broadcom by 2.7% during the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock worth $65,788,194,000 after acquiring an additional 5,040,801 shares during the last quarter. Geode Capital Management LLC grew its stake in Broadcom by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 111,277,280 shares of the semiconductor manufacturer's stock worth $38,396,634,000 after acquiring an additional 1,548,699 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Broadcom by 3.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 85,546,083 shares of the semiconductor manufacturer's stock worth $29,607,500,000 after acquiring an additional 2,491,644 shares during the period. Finally, Norges Bank purchased a new position in shares of Broadcom during the 4th quarter worth $24,252,196,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 0.3%

Shares of NASDAQ AVGO traded down $1.14 during trading on Friday, hitting $399.97. 14,579,242 shares of the company traded hands, compared to its average volume of 26,802,910. Broadcom Inc. has a 1 year low of $269.58 and a 1 year high of $495.00. The company has a 50-day moving average price of $405.29 and a 200-day moving average price of $364.13. The firm has a market capitalization of $1.90 trillion, a P/E ratio of 66.66, a P/E/G ratio of 0.70 and a beta of 1.45. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business 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. The business's quarterly revenue was up 47.9% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. The ex-dividend date was Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom's dividend payout ratio is currently 43.33%.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 1,602 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $373.86, for a total transaction of $598,923.72. Following the completion of the sale, the director owned 17,426 shares in the company, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harry L. You bought 1,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average cost of $373.57 per share, with a total value of $373,570.00. Following the transaction, the director owned 38,466 shares in the company, valued at approximately $14,369,743.62. This represents a 2.67% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 36,644 shares of company stock valued at $13,982,964. 1.90% of the stock is owned by company insiders.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s expanded Apple agreement, valued at more than $30 billion through 2031, strengthens visibility for revenue and highlights demand beyond AI chips. Why Broadcom Stock Rose Today
• Positive Sentiment: Analysts remain upbeat on Broadcom’s AI business, with Jefferies reiterating a Buy rating and a $550 price target as AI chip momentum improves. Broadcom’s (AVGO) AI Chip Momentum Keeps Wall Street Bullish
• Positive Sentiment: Broadcom is being viewed as a broader AI infrastructure winner because its networking products help connect large-scale AI systems, expanding the investment thesis beyond GPUs and custom chips. Broadcom stock's latest catalyst targets Nvidia where it looks strongest
• Neutral Sentiment: Some coverage notes Broadcom’s near-$2 trillion market value and strong AI revenue growth, but also suggests much of the good news may already be reflected in the stock. Broadcom Is Less Than 5% From the $2 Trillion Club -- and Apple Just Committed $30 Billion for More Chips
• Negative Sentiment: Erste Group downgraded Broadcom to Hold, citing valuation concerns, which may be limiting upside after the recent rally. Erste Group downgrades Broadcom to Hold citing valuation concerns

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AVGO. Wells Fargo & Company restated an "overweight" rating and set a $545.00 price objective (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Citigroup reiterated a "buy" rating on shares of Broadcom in a research note on Thursday, June 4th. Erste Group Bank reiterated a "hold" rating on shares of Broadcom in a research report on Tuesday. Rosenblatt Securities reissued a "buy" rating and issued a $500.00 price target on shares of Broadcom in a research note on Thursday, June 4th. Finally, Bank of America lifted their price target on Broadcom from $450.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $493.24.

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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