Petix & Botte Co Purchases New Holdings in Broadcom Inc. $AVGO

Key Points

• Petix & Botte Co disclosed a new first-quarter position in Broadcom, buying 3,729 shares worth about $1.15 million.
• Broadcom continues to see heavy institutional interest, with large investors like Norges Bank, Vanguard, State Street, and others increasing or establishing positions; institutional holders now own 76.43% of the stock.
• Analyst sentiment remains upbeat, with Broadcom carrying a Moderate Buy rating and an average price target of $493.24, while recent earnings beat expectations and revenue rose 47.9% year over year.

Petix & Botte Co purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,729 shares of the semiconductor manufacturer's stock, valued at approximately $1,154,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Broadcom in the fourth quarter valued at $24,252,196,000. Cardano Risk Management B.V. lifted its stake in Broadcom by 895.2% in the fourth quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer's stock valued at $4,391,940,000 after acquiring an additional 11,414,701 shares during the last quarter. State Street Corp grew its position in shares of Broadcom by 2.7% in the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock valued at $65,788,194,000 after acquiring an additional 5,040,801 shares during the period. Vanguard Group Inc. increased its stake in shares of Broadcom by 0.8% during the 4th 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 last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Broadcom by 47.5% during the 4th quarter. Nordea Investment Management AB now owns 9,814,757 shares of the semiconductor manufacturer's stock worth $3,406,211,000 after purchasing an additional 3,160,586 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $401.33, for a total transaction of $10,033,250.00. Following the transaction, the insider owned 194,989 shares in the company, valued at $78,254,935.37. This trade represents a 11.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 1,602 shares of Broadcom stock in a transaction on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the sale, the director directly owned 17,426 shares of the company's stock, valued at $6,514,884.36. This represents a 8.42% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 61,644 shares of company stock valued at $24,016,214. Company insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Erste Group Bank reiterated a "hold" rating on shares of Broadcom in a research note on Tuesday, July 7th. UBS Group set a $485.00 price objective on Broadcom and gave the company a "buy" rating in a research note on Thursday, June 4th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Weiss Ratings downgraded Broadcom from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Finally, JPMorgan Chase & Co. boosted their target price on Broadcom from $500.00 to $580.00 and gave the stock an "overweight" rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $493.24.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Evercore ISI said Broadcom’s multiyear agreement with Apple is strategically positive, as it strengthens Apple’s AI compute silicon efforts and extends Broadcom’s role as a key custom-chip partner. Broadcom Inc. (AVGO) Agreement a Strategic Positive for Apple, says Evercore ISI
• Positive Sentiment: Reports say Broadcom secured its role as a key Apple supplier through 2031, giving investors more confidence in a long-duration revenue stream. Broadcom Inc. (AVGO) Secures Role as Key Apple Supplier with Chip Deal through 2031
• Positive Sentiment: Morgan Stanley described Broadcom as a “core AI winner,” keeping the stock in focus as one of the main beneficiaries of AI infrastructure spending. Broadcom is a 'core AI winner,' even as MediaTek encroaches, Morgan Stanley says
• Neutral Sentiment: Additional commentary highlighted Broadcom as a major AI stock and a possible outperformer versus other chip names, which adds to the bullish narrative but does not change the near-term business outlook directly. Is Broadcom Inc. (AVGO) a Buy as Wall Street Analysts Look Optimistic?
• Negative Sentiment: There was also an insider-selling headline, which can weigh on sentiment even if it does not necessarily reflect a change in the company’s fundamentals. Insider Selling: Broadcom NASDAQ: AVGO Insider Sells $9,479,750.00 in Stock

Broadcom Stock Up 1.3%

Broadcom stock opened at $389.11 on Wednesday. The stock has a market cap of $1.85 trillion, a P/E ratio of 64.85, a P/E/G ratio of 0.67 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 company's 50-day moving average price is $403.86 and its two-hundred day moving average price is $364.80.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data 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. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $22.13 billion. During the same quarter in the previous year, the company posted $1.58 earnings per share. The business's revenue was up 47.9% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom's dividend payout ratio (DPR) is presently 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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