Redstone Wealth Management LLC Takes $664,000 Position in Broadcom Inc. $AVGO

Key Points

• Redstone Wealth Management opened a new position in Broadcom during the first quarter, buying 2,144 shares worth about $664,000. The stake represents roughly 0.5% of its portfolio and is its 24th-largest holding.
• Broadcom continues to attract strong institutional and analyst support, with 76.43% of shares held by institutions and a consensus rating of “Moderate Buy.” Several analysts recently raised price targets, with the consensus target at $490.13.
• The company reported solid quarterly results, with EPS of $2.44 and revenue of $22.19 billion, both slightly ahead of estimates. Broadcom also announced a quarterly dividend of $0.65 per share and highlighted ongoing strength in AI-related demand.

Redstone Wealth Management LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,144 shares of the semiconductor manufacturer's stock, valued at approximately $664,000. Broadcom makes up approximately 0.5% of Redstone Wealth Management LLC's portfolio, making the stock its 24th largest position.

Other large investors have also recently added to or reduced their stakes in the company. ROSS JOHNSON & Associates LLC increased its holdings in Broadcom by 1,320.0% in the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 66 shares during the last quarter. SWAN Capital LLC lifted its holdings in Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock worth $26,000 after buying an additional 55 shares during the last quarter. Miller Global Investments LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $31,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $33,000. Finally, Family CFO Inc bought a new stake in shares of Broadcom in the 4th quarter valued at approximately $35,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Mizuho raised their price target on shares of Broadcom from $480.00 to $530.00 and gave the stock an "outperform" rating in a research report on Thursday, June 4th. Benchmark raised their price target on Broadcom from $485.00 to $545.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the stock an "overweight" rating in a research note on Thursday, June 4th. Cantor Fitzgerald reissued an "overweight" rating and set a $525.00 price target on shares of Broadcom in a report on Thursday, June 4th. Finally, Susquehanna restated a "positive" rating and set a $490.00 price target (up from $450.00) on shares of Broadcom in a research report on Thursday, May 28th. One investment 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 company. Based on data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $490.13.

Insider Transactions at Broadcom

In other Broadcom news, Director Harry L. You bought 1,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the acquisition, the director directly owned 38,466 shares of the company's stock, valued at $14,369,743.62. This trade represents a 2.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gayla J. Delly sold 1,000 shares of the 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 $11,592,045.12. This trade represents a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 59,385 shares of company stock valued at $21,301,057 over the last three months. 1.90% of the stock is owned by company insiders.

Broadcom Price Performance

Shares of AVGO opened at $392.13 on Tuesday. The firm has a market capitalization of $1.87 trillion, a price-to-earnings ratio of 65.36, 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 quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a one year low of $246.46 and a one year high of $495.00. The stock's fifty day moving average is $412.17 and its 200-day moving average is $363.42.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be issued a dividend of $0.65 per share. 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 payout ratio is presently 43.33%.

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Analysts and market commentators are pointing to Broadcom’s strong AI demand as the main reason to stay bullish. Recent coverage highlighted record semiconductor sales, AI chip and networking demand, and strong customer commitments as evidence that the company’s AI growth story remains intact. Broadcom's AI Push Boosts Semiconductor Sales: More Upside Ahead?
• Positive Sentiment: JPMorgan reportedly reiterated buy-the-dip optimism, citing Broadcom’s multi-year Google partnership, record quarterly revenue of $22.19 billion, and AI semiconductor sales of $10.8 billion, up 143% year over year. The note also pointed to expectations for another step-up in AI-chip growth next quarter. Broadcom's AI boom — Google deal and huge revenue growth spark buy-the-dip calls
• Positive Sentiment: Several pieces argue that the market is overreacting to a modest AI revenue guide and that the selloff has created an accumulation opportunity. They emphasize that Broadcom’s revenue, semiconductor growth, AI bookings, and backlog are all at record levels, which supports the longer-term investment case. The Grandest Castle Ever Floated (and the Stocks to Profit From It)
• Positive Sentiment: Broadcom is also attracting broader investor attention and continued analyst support, including a consensus “Moderate Buy” rating, which may help stabilize sentiment after the recent decline. Broadcom Inc. NASDAQ: AVGO Receives Consensus Recommendation of "Moderate Buy" from Analysts

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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