Reliant Investment Management LLC Sells 2,251 Shares of Broadcom Inc. $AVGO

Key Points

• Reliant Investment Management reduced its Broadcom stake by 3.9% in the first quarter, selling 2,251 shares and leaving it with 55,752 shares worth about $17.3 million. Broadcom remains the fund’s largest holding, representing 8.3% of its portfolio.
• Broadcom reported strong quarterly results, with EPS of $2.44 beating estimates and revenue of $22.19 billion also topping forecasts. Revenue jumped 47.9% year over year, and analysts now expect full-year EPS of 10.24.
• Wall Street remains bullish on AVGO, with multiple firms raising price targets and the consensus rating at “Moderate Buy” with an average target of $493.24. The stock also continues to attract heavy institutional ownership, with hedge funds and other institutions holding 76.43% of shares.

Reliant Investment Management LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,752 shares of the semiconductor manufacturer's stock after selling 2,251 shares during the period. Broadcom accounts for about 8.3% of Reliant Investment Management LLC's holdings, making the stock its biggest holding. Reliant Investment Management LLC's holdings in Broadcom were worth $17,256,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Broadcom in the fourth quarter worth about $24,252,196,000. Cardano Risk Management B.V. raised its holdings in shares of Broadcom by 895.2% during the 4th 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 buying an additional 11,414,701 shares during the period. State Street Corp lifted its position in Broadcom by 2.7% during the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock worth $65,788,194,000 after acquiring an additional 5,040,801 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Broadcom by 499.4% during 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 acquiring an additional 4,694,313 shares in the last quarter. Finally, Vanguard Group Inc. boosted 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 worth $167,064,997,000 after acquiring an additional 3,919,715 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO opened at $360.45 on Monday. The firm has a market cap of $1.71 trillion, a price-to-earnings ratio of 60.08, a PEG ratio of 0.63 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. The business's 50 day moving average is $407.92 and its two-hundred day moving average is $362.49. Broadcom Inc. has a 52-week low of $269.58 and a 52-week high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share 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 the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business's quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.58 earnings per share. Analysts forecast that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders 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 currently 43.33%.

Analyst Ratings Changes

AVGO has been the subject of several recent research reports. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $545.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday, May 14th. Susquehanna restated a "positive" rating and issued a $490.00 target price (up from $450.00) on shares of Broadcom in a research note on Thursday, May 28th. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $500.00 to $580.00 and gave the company an "overweight" rating in a report on Thursday, June 4th. Jefferies Financial Group set a $550.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research note on Thursday, June 4th. Finally, Truist Financial boosted their price objective on shares of Broadcom from $545.00 to $550.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $493.24.

Insider Buying and Selling

In related news, insider S. Ram Velaga sold 8,000 shares of Broadcom stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the transaction, the insider directly owned 57,932 shares in the company, valued at approximately $21,464,964.64. This trade represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry L. You acquired 1,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average cost of $373.57 per share, with a total value 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have sold 60,987 shares of company stock worth $21,899,980. 1.90% of the stock is currently owned by insiders.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: JPMorgan, UBS, Jefferies and other analysts remain constructive on Broadcom’s AI-driven growth, with price targets well above current levels and continued optimism around custom AI silicon demand, including exposure to customers such as OpenAI and Anthropic. UBS Reaffirms Buy Rating on Broadcom (AVGO) Amid AI ASIC Demand and OpenAI, Anthropic Growth
• Positive Sentiment: Articles highlighting Broadcom’s partnership with OpenAI on the “Jalapeño” AI accelerator reinforce the market’s bullish view that AI infrastructure can keep driving revenue growth. What Broadcom (AVGO)'s Jalapeño AI Accelerator Partnership With OpenAI Means For Shareholders
• Neutral Sentiment: Several recent write-ups argue Broadcom may be attractive after its pullback, but they mostly restate the same long-term thesis rather than pointing to a new catalyst. Why Broadcom Stock Slumped Today
• Neutral Sentiment: Investors continue to search for clues on whether Broadcom can rebound from its post-earnings decline, with coverage focusing on earnings estimates and fair-value changes. Broadcom (AVGO) Stock Gets Fair Value Boost As Analysts Split On AI Outlook
• Negative Sentiment: Director Justine Page sold 1,602 shares of Broadcom stock, extending insider-selling headlines that can weigh on sentiment even if the sale is relatively small versus the company’s size. SEC Form 4 filing for Justine Page sale
• Negative Sentiment: Broadcom remains about 14% below its last earnings report level, and recent commentary suggests investors are still uneasy about whether the company’s strong results were enough to justify its premium valuation. Broadcom Inc. (AVGO) Down 14% Since Last Earnings Report: Can It Rebound?

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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