New York Life Investment Management LLC Has $227.39 Million Stake in Broadcom Inc. $AVGO

Key Points

• New York Life Investment Management increased its Broadcom stake by 2.8% in the fourth quarter, ending with 657,003 shares worth about $227.4 million. Broadcom is now its 7th-largest holding and makes up roughly 2.0% of the portfolio.
• Broadcom reported strong quarterly results, posting EPS of $2.05 and revenue of $19.31 billion, both slightly above analyst expectations. Revenue rose 29.5% year over year, and analysts expect full-year EPS of 9.97.
• The company also paid a quarterly dividend of $0.65 per share, or $2.60 annually, yielding about 0.6%. Meanwhile, analyst sentiment remains mostly positive, with an average rating of “Moderate Buy” and an average price target of $448.10.

New York Life Investment Management LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 657,003 shares of the semiconductor manufacturer's stock after purchasing an additional 17,958 shares during the period. Broadcom accounts for approximately 2.0% of New York Life Investment Management LLC's investment portfolio, making the stock its 7th biggest holding. New York Life Investment Management LLC's holdings in Broadcom were worth $227,389,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Providence First Trust Co increased its holdings in shares of Broadcom by 1,099.3% during the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer's stock valued at $2,944,000 after acquiring an additional 8,179 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Broadcom by 3.4% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer's stock valued at $109,492,000 after acquiring an additional 10,786 shares during the period. Lmcg Investments LLC increased its position in shares of Broadcom by 9.4% in the 3rd quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer's stock valued at $12,854,000 after acquiring an additional 3,357 shares during the period. Wright Investors Service Inc. increased its position in shares of Broadcom by 5.4% in the 3rd quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer's stock valued at $13,909,000 after acquiring an additional 2,178 shares during the period. Finally, Brown Brothers Harriman & Co. increased its position in shares of Broadcom by 10.7% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock valued at $25,539,000 after acquiring an additional 7,499 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $411.07 on Wednesday. The stock has a market capitalization of $1.95 trillion, a price-to-earnings ratio of 80.29, a PEG ratio of 0.87 and a beta of 1.43. Broadcom Inc. has a 12 month low of $226.18 and a 12 month high of $442.36. The firm's 50 day simple moving average is $368.97 and its 200-day simple moving average is $355.08. 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 (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping 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 business had revenue of $19.31 billion for the quarter, compared to analysts' expectations of $19.10 billion. During the same quarter last year, the company 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 9.97 EPS for the current year.

Broadcom Announces Dividend

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

Insider Activity

In related news, Director Gayla J. Delly sold 1,000 shares of Broadcom 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 sale, the director owned 32,352 shares of the company's stock, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider S. Ram Velaga sold 8,000 shares of Broadcom stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the sale, the insider owned 57,932 shares in the company, valued at approximately $21,464,964.64. The trade was a 12.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on AVGO. JPMorgan Chase & Co. upped their target price on Broadcom from $475.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, March 5th. Erste Group Bank downgraded Broadcom from a "buy" rating to a "hold" rating in a research report on Thursday, April 2nd. TD Cowen reiterated a "buy" rating and issued a $500.00 price target (up from $405.00) on shares of Broadcom in a report on Friday. Seaport Research Partners reiterated a "neutral" rating on shares of Broadcom in a report on Wednesday, April 8th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $500.00 price target on shares of Broadcom in a report on Tuesday, April 7th. 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 company currently has an average rating of "Moderate Buy" and an average target price of $448.10.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom renewed its long-running technology partnership with LSEG in a new five-year agreement centered on VMware Cloud Foundation, expanding Broadcom’s role in LSEG’s private cloud infrastructure and adding professional services revenue potential. LSEG renews Broadcom partnership to expand cloud infrastructure strategy (AVGO)
• Positive Sentiment: Wall Street remains bullish on AVGO, with recent analyst updates and price targets pointing to confidence in Broadcom’s AI-driven growth and leadership in semiconductor and infrastructure software. Wall Street sets Broadcom stock price target for next 12 months
• Neutral Sentiment: Recent coverage continues to highlight Broadcom as a major AI infrastructure beneficiary, with analysts favoring AVGO over some peers because of its strong AI revenue growth and broad demand trends. ALAB vs. AVGO: Which AI Infrastructure Stock Is the Better Buy Now?
• Neutral Sentiment: Broader market commentary and stock-search interest have kept AVGO in the spotlight, but these items do not point to a direct fundamental change. Investors Heavily Search Broadcom Inc. (AVGO): Here is What You Need to Know
• Negative Sentiment: AVGO had recently been trading lower at times, reflecting some profit-taking even as the longer-term story remains tied to AI and enterprise software growth. Broadcom Inc. (AVGO) Declines More Than Market: Some Information for Investors

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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