Robertson Stephens Wealth Management LLC Increases Stock Position in Broadcom Inc. $AVGO

Key Points

• Robertson Stephens Wealth Management increased its Broadcom stake by 22.9% in the fourth quarter, adding 6,553 shares to bring its total to 35,164 shares valued at about $12.17 million.
• Broadcom reported better-than-expected quarterly results, posting $2.05 in EPS versus $2.03 expected and revenue of $19.31 billion, up 29.5% year over year.
• The stock has been supported by strong analyst sentiment overall, with a consensus “Moderate Buy” rating and an average price target of $435.30, though recent reports noted uncertainty around an OpenAI custom chip deal.

Robertson Stephens Wealth Management LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 22.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,164 shares of the semiconductor manufacturer's stock after acquiring an additional 6,553 shares during the period. Robertson Stephens Wealth Management LLC's holdings in Broadcom were worth $12,171,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JCIC Asset Management Inc. purchased a new position in shares of Broadcom in the third quarter worth $31,000. Miller Global Investments LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $31,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth about $33,000. Manning & Napier Advisors LLC purchased a new stake in shares of Broadcom during the third quarter worth about $34,000. Finally, Family CFO Inc acquired a new position in Broadcom during the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Up 4.2%

AVGO stock opened at $430.00 on Friday. The company has a fifty day moving average price of $352.89 and a 200 day moving average price of $351.28. Broadcom Inc. has a 12 month low of $206.52 and a 12 month high of $437.68. The company has a market cap of $2.04 trillion, a price-to-earnings ratio of 83.98, a price-to-earnings-growth ratio of 0.85 and a beta of 1.43. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. During the same quarter in the prior year, the firm earned $1.60 EPS. Broadcom's revenue for the quarter was up 29.5% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were given a $0.65 dividend. The ex-dividend date was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom's dividend payout ratio (DPR) is presently 50.78%.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Negative Sentiment: Broadcom shares are under pressure after reports said OpenAI’s planned $18 billion custom chip deal with the company hit a financing roadblock, creating uncertainty around a key AI revenue driver. Broadcom shares slump as OpenAI’s $18B custom chip deal hits financing snag
• Negative Sentiment: Another report framed the OpenAI issue as a major setback for Broadcom’s custom AI chip ambitions, adding concern that one of its flagship customer relationships may not be as immediately monetizable as investors hoped. Broadcom's OpenAI mega AI deal hits $18 billion wall
• Neutral Sentiment: Broadcom also announced VMware by Broadcom VCF 9.1, a product update aimed at accelerating production AI workloads in private clouds, which supports the company’s long-term enterprise AI strategy. Broadcom (AVGO) Launches VCF 9.1 to Accelerate Production AI in Private Clouds
• Neutral Sentiment: Several commentary pieces remained constructive on Broadcom’s position in the AI infrastructure stack, noting that recent hyperscaler results still support demand for chips and networking tied to AI buildouts. Big Tech earnings support Broadcom’s outlook
• Neutral Sentiment: Broadcom was also mentioned in a public-sector VMware partnership update, which could help broaden enterprise distribution but is not likely the main driver of the stock today. evoila U.S. and Carahsoft Partner to Deliver VMware by Broadcom Services to the Public Sector

Insider Transactions at Broadcom

In other news, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $358.31, for a total value of $358,310.00. Following the completion of the transaction, the director owned 32,352 shares in the company, valued at $11,592,045.12. This trade represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,488 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the completion of the transaction, the insider owned 278,141 shares of the company's stock, valued at $89,450,145.60. This represents a 15.36% 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 90 days. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wolfe Research upgraded shares of Broadcom from a "peer perform" rating to an "outperform" rating and set a $400.00 price target on the stock in a research report on Friday, January 30th. Morgan Stanley boosted their price target on shares of Broadcom from $462.00 to $470.00 and gave the company an "overweight" rating in a research note on Friday, March 6th. Benchmark reaffirmed a "buy" rating and set a $485.00 target price on shares of Broadcom in a research note on Thursday, March 5th. Zacks Research raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 2nd. Finally, Seaport Research Partners reiterated a "neutral" rating on shares of Broadcom in a report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $435.30.

Broadcom Company 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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