Nolet Wealth Management LLC Invests $1.18 Million in Broadcom Inc. $AVGO

Key Points

• Nolet Wealth Management opened a new position in Broadcom during the fourth quarter, buying 3,399 shares worth about $1.18 million. The stake represents 0.7% of its portfolio and is its 25th-largest holding.
• Broadcom continues to attract major institutional interest, with investors like Norges Bank, State Street, Vanguard, and Cardano Risk Management significantly adding to or establishing positions. Institutional holders and hedge funds now own 76.43% of the company.
• Wall Street remains broadly bullish on Broadcom, with multiple firms raising price targets and the stock carrying a Moderate Buy consensus rating. The company also posted strong quarterly results, topping EPS and revenue estimates and reporting 47.9% year-over-year revenue growth.

Nolet Wealth Management LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,399 shares of the semiconductor manufacturer's stock, valued at approximately $1,176,000. Broadcom makes up 0.7% of Nolet Wealth Management LLC's portfolio, making the stock its 25th biggest position.

A number of other large investors have also made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Broadcom in the fourth quarter valued at $24,252,196,000. Cardano Risk Management B.V. lifted its position in Broadcom by 895.2% during the fourth quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer's stock worth $4,391,940,000 after buying an additional 11,414,701 shares during the period. State Street Corp boosted its stake in Broadcom by 2.7% in the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock worth $65,788,194,000 after buying an additional 5,040,801 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Broadcom by 499.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer's stock worth $1,858,789,000 after buying an additional 4,694,313 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Broadcom by 0.8% in the 4th 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 period. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Weiss Ratings raised shares of Broadcom from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, June 9th. Jefferies Financial Group set a $550.00 target price on shares of Broadcom and gave the stock a "buy" rating in a research report on Thursday, June 4th. Bank of America boosted their target price on shares of Broadcom from $450.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, June 4th. KeyCorp reaffirmed an "overweight" rating and set a $575.00 price target (up from $500.00) on shares of Broadcom in a research report on Thursday, June 4th. Finally, Evercore reaffirmed an "outperform" rating and set a $582.00 price target on shares of Broadcom in a research note on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $490.13.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the transaction, the insider owned 787,184 shares in the company, valued at approximately $271,759,532.32. The trade was a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry L. You purchased 1,000 shares of the firm'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 completion of the transaction, the director owned 38,466 shares in the company, valued at $14,369,743.62. This trade represents a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 59,385 shares of company stock valued at $21,301,057 over the last quarter. Company insiders own 1.90% of the company's stock.

Broadcom Stock Performance

Broadcom stock opened at $411.35 on Friday. The stock's 50-day moving average is $411.42 and its 200-day moving average is $363.50. The company has a market cap of $1.96 trillion, a price-to-earnings ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. Broadcom Inc. has a 12 month low of $244.17 and a 12 month high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.04. The business had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company's revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.58 EPS. Equities analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 22nd. Broadcom's payout ratio is 43.33%.

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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