Parallel Advisors LLC Grows Stock Position in Broadcom Inc. $AVGO

Key Points

• Parallel Advisors LLC increased its Broadcom stake by 12.6% in the fourth quarter, adding 11,921 shares to bring its total to 106,853 shares valued at about $36.98 million.
• Broadcom reported strong quarterly results, with EPS of $2.44 topping estimates and revenue of $22.19 billion slightly above forecasts, while revenue surged 47.9% year over year.
• The company also announced a quarterly dividend of $0.65 per share, and analysts remain generally bullish, with a consensus rating of Moderate Buy and an average price target of $490.13.

Parallel Advisors LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,853 shares of the semiconductor manufacturer's stock after buying an additional 11,921 shares during the period. Broadcom comprises about 0.7% of Parallel Advisors LLC's holdings, making the stock its 23rd largest position. Parallel Advisors LLC's holdings in Broadcom were worth $36,982,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Broadcom by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock worth $167,064,997,000 after buying an additional 3,919,715 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of 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 buying an additional 1,548,699 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom in the 4th quarter worth about $24,252,196,000. Invesco Ltd. boosted its position in shares of Broadcom by 1.8% in the 3rd quarter. Invesco Ltd. now owns 39,149,651 shares of the semiconductor manufacturer's stock worth $12,915,861,000 after buying an additional 700,021 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Broadcom by 2.3% in the 3rd quarter. Legal & General Group Plc now owns 33,450,786 shares of the semiconductor manufacturer's stock worth $11,035,749,000 after buying an additional 748,709 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 2.8%

AVGO opened at $396.60 on Tuesday. The firm has a 50 day moving average price of $397.96 and a 200 day moving average price of $362.43. The company has a market cap of $1.88 trillion, a PE ratio of 66.10, a price-to-earnings-growth ratio of 0.70 and a beta of 1.41. Broadcom Inc. has a 1 year low of $241.11 and a 1 year high of $495.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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 firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company's revenue was up 47.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.58 EPS. Sell-side analysts expect that Broadcom Inc. will post 9.97 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be given a $0.65 dividend. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom's dividend payout ratio (DPR) is 43.33%.

Insider Buying and Selling

In other Broadcom news, insider S. Ram Velaga sold 8,000 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were 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 of the company's stock, valued at $21,464,964.64. This trade represents a 12.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $358.31, for a total transaction of $358,310.00. Following the completion of the sale, the director directly owned 32,352 shares of the company's stock, valued at $11,592,045.12. This trade represents a 3.00% 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 valued at $106,425,249 over the last three months. Company insiders own 1.90% of the company's stock.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom announced expanded security investments for the Spring and Java ecosystem, aiming to help enterprise customers defend against AI-enabled threats and reinforcing its software strategy. Broadcom Expands Its Investment in Spring and Java Ecosystem Security to Prepare Customers for AI-Enabled Threats
• Positive Sentiment: Several analysts and market commentators said the recent post-earnings decline may be exaggerated, arguing that Broadcom’s strong revenue growth and AI momentum still support the long-term story. Jim Cramer on Broadcom: “The Disappointing Earnings May Not Be as Crushing as We Think”
• Positive Sentiment: Wall Street sentiment remains constructive, with Bank of America raising its price target on Broadcom to $530 from $450 while keeping a Buy rating after the latest quarterly results and guidance. Is Broadcom (AVGO) the Best Stock in Chase Coleman’s Tiger Global?

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on AVGO shares. UBS Group set a $485.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research report on Thursday. Seaport Research Partners reiterated a "neutral" rating on shares of Broadcom in a research report on Wednesday, April 8th. Jefferies Financial Group set a $550.00 target price on shares of Broadcom and gave the company a "buy" rating in a report on Thursday, June 4th. TD Cowen restated a "buy" rating and issued a $500.00 target price on shares of Broadcom in a report on Thursday, June 4th. Finally, Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Sunday. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $490.13.

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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