Peninsula Asset Management Inc. Acquires 4,309 Shares of Broadcom Inc. $AVGO

Key Points

• Peninsula Asset Management increased its Broadcom stake by 59.3% in the first quarter, buying 4,309 additional shares and bringing its total holdings to 11,571 shares worth about $3.58 million.
• Broadcom continues to draw mixed market attention: analysts remain largely bullish with multiple price-target increases, but the stock is also facing concerns about valuation, a broader semiconductor selloff, and an EU antitrust review related to VMware licensing changes.
• The company recently reported better-than-expected quarterly results, with EPS of $2.44 and revenue of $22.19 billion, and it also paid a quarterly dividend of $0.65 per share.

Peninsula Asset Management Inc. raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 59.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,571 shares of the semiconductor manufacturer's stock after buying an additional 4,309 shares during the quarter. Broadcom accounts for 1.8% of Peninsula Asset Management Inc.'s investment portfolio, making the stock its 21st largest holding. Peninsula Asset Management Inc.'s holdings in Broadcom were worth $3,581,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. Vanguard Group Inc. grew its holdings in Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock worth $167,064,997,000 after purchasing an additional 3,919,715 shares during the period. State Street Corp raised its holdings in shares of Broadcom by 2.7% during the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock valued at $65,788,194,000 after purchasing an additional 5,040,801 shares during the period. Geode Capital Management LLC boosted its position in shares of Broadcom by 1.4% during 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 purchasing an additional 1,548,699 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of 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 valued at $29,607,500,000 after buying an additional 2,491,644 shares during the period. Finally, Norges Bank acquired a new stake in shares of Broadcom in the 4th quarter valued at about $24,252,196,000. 76.43% of the stock is currently owned by institutional investors.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Standard Chartered chose Broadcom to support a long-term modernization of its global banking infrastructure, underscoring Broadcom’s role in secure private-cloud and enterprise networking solutions. Standard Chartered Selects Broadcom to Deliver Secure, Always-On Banking Services at Global Scale
• Positive Sentiment: Wall Street commentary continues to describe Broadcom as a core AI beneficiary, and some analysts have raised price targets even after the stock pullback. As Shares Fall, Analyst Are Boosting Their Broadcom Price Targets
• Neutral Sentiment: Broadcom remains a major talking point in AI-focused market coverage, with some investors viewing it as an indicator for the broader market and semiconductor cycle. Jim Cramer Says Broadcom Will Tell You When the Market Is About to Turn
• Negative Sentiment: Broadcom is facing renewed skepticism around valuation, with one report asking whether the AI story has made the stock too expensive. Has Broadcom Become Too Expensive for Its AI Story?
• Negative Sentiment: The stock is also being hit by a broader selloff in semiconductor names as investors rotate away from AI-capex winners and worry about a slowdown in chip spending. Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide
• Negative Sentiment: Broadcom is also dealing with regulatory uncertainty after reports said it faces an EU antitrust review tied to VMware licensing changes. Broadcom (AVGO) Faces EU Antitrust Review Over VMware Licensing Changes

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AVGO shares. Citigroup reaffirmed a "buy" rating on shares of Broadcom in a research note on Thursday, June 4th. Dbs Bank upgraded Broadcom to a "moderate buy" rating in a report on Thursday, June 18th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $545.00 target price (up from $430.00) on shares of Broadcom in a research report on Thursday, May 14th. Mizuho increased their target price on Broadcom from $480.00 to $530.00 and gave the stock an "outperform" rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $500.00 to $580.00 and gave the company an "overweight" rating in a research report on Thursday, June 4th. One equities research 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $493.24.

Insider Activity

In related news, Director Gayla J. Delly sold 1,890 shares of the firm's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total transaction of $728,368.20. Following the transaction, the director directly owned 31,326 shares of the company's stock, valued at $12,072,413.88. This trade represents a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harry L. You purchased 1,000 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $373.57 per share, for a total transaction of $373,570.00. Following the completion of the acquisition, the director owned 38,466 shares of the company's stock, valued at $14,369,743.62. The trade was a 2.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 61,644 shares of company stock valued at $24,016,214 over the last ninety days. Company insiders own 1.90% of the company's stock.

Broadcom Stock Down 1.0%

AVGO stock opened at $370.83 on Friday. The firm has a market capitalization of $1.76 trillion, a PE ratio of 61.81, a P/E/G ratio of 0.65 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 Inc. has a twelve month low of $273.00 and a twelve month high of $495.00. The stock's 50 day moving average is $401.29 and its 200-day moving average is $365.31.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $22.13 billion. During the same quarter in the prior year, the company posted $1.58 earnings per share. Broadcom's revenue was up 47.9% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.