New Vernon Investment Management LLC Lowers Position in Broadcom Inc. $AVGO

Key Points

• New Vernon Investment Management LLC significantly reduced its stake in Broadcom by 87.5%, now holding 11,000 shares valued at approximately $1.84 million.
• Despite recent changes in institutional holdings, Broadcom retains a majority ownership position of 76.43% among hedge funds and institutional investors.
• Wall Street analysts maintain a consensus rating of "Buy" for Broadcom, with target prices ranging from $304.00 to $340.00 per share.

New Vernon Investment Management LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 87.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,000 shares of the semiconductor manufacturer's stock after selling 77,047 shares during the period. Broadcom makes up approximately 2.5% of New Vernon Investment Management LLC's investment portfolio, making the stock its 16th largest holding. New Vernon Investment Management LLC's holdings in Broadcom were worth $1,842,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Waddell & Associates LLC boosted its position in Broadcom by 2.1% in the first quarter. Waddell & Associates LLC now owns 2,091 shares of the semiconductor manufacturer's stock valued at $350,000 after buying an additional 43 shares during the last quarter. True Wealth Design LLC boosted its position in Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares during the last quarter. Wescott Financial Advisory Group LLC boosted its position in Broadcom by 3.8% in the first quarter. Wescott Financial Advisory Group LLC now owns 1,326 shares of the semiconductor manufacturer's stock valued at $222,000 after buying an additional 48 shares during the last quarter. Martingale Asset Management L P boosted its position in Broadcom by 1.3% in the 1st quarter. Martingale Asset Management L P now owns 3,876 shares of the semiconductor manufacturer's stock worth $649,000 after purchasing an additional 48 shares in the last quarter. Finally, Monterey Private Wealth Inc. boosted its position in Broadcom by 1.8% in the 1st quarter. Monterey Private Wealth Inc. now owns 2,780 shares of the semiconductor manufacturer's stock worth $465,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider directly owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,286,457 in the last quarter. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on AVGO. JPMorgan Chase & Co. upped their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Arete Research upgraded Broadcom to a "strong-buy" rating in a research report on Monday, July 28th. Rosenblatt Securities upped their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Citigroup upped their price objective on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Finally, UBS Group increased their target price on Broadcom from $290.00 to $345.00 and gave the company a "buy" rating in a research report on Monday, August 25th. Three analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $302.58.

Broadcom Price Performance

NASDAQ AVGO traded up $0.97 during mid-day trading on Tuesday, hitting $298.36. The stock had a trading volume of 15,618,853 shares, compared to its average volume of 25,697,164. The firm's 50 day moving average is $288.61 and its 200 day moving average is $235.11. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market capitalization of $1.40 trillion, a price-to-earnings ratio of 111.75, a PEG ratio of 2.11 and a beta of 1.16.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%.The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the company earned $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. Broadcom has set its Q3 2025 guidance at EPS. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.