Root Financial Partners LLC Sells 2,313 Shares of Broadcom Inc. $AVGO

Key Points

• Root Financial Partners LLC reduced its Broadcom stake by 6.9% in the first quarter, selling 2,313 shares and leaving it with 30,982 shares valued at about $9.59 million.
• Analysts remain bullish on Broadcom, with several firms raising or reiterating buy ratings and price targets; MarketBeat reports an average price target of $493.24 and a “Moderate Buy” consensus.
• Broadcom posted strong quarterly results, beating EPS and revenue expectations, while also announcing a quarterly dividend of $0.65 per share, or $2.60 annually for a 0.7% yield.

Root Financial Partners LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,982 shares of the semiconductor manufacturer's stock after selling 2,313 shares during the quarter. Broadcom makes up approximately 0.4% of Root Financial Partners LLC's holdings, making the stock its 26th biggest position. Root Financial Partners LLC's holdings in Broadcom were worth $9,589,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC grew its position in shares of Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares in the last quarter. United Bank grew its position in shares of Broadcom by 76.5% during the first quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after purchasing an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in shares of Broadcom by 10.1% in the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock worth $3,499,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Capital & Planning LLC increased its stake in Broadcom by 10.5% in the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock worth $1,098,000 after acquiring an additional 378 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Truist Financial upped their price objective on Broadcom from $545.00 to $550.00 and gave the company a "buy" rating in a research 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. The Goldman Sachs Group reissued a "buy" rating and issued a $525.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Oppenheimer restated an "outperform" rating and set a $535.00 target price (up from $450.00) on shares of Broadcom in a research report on Thursday, June 4th. Finally, UBS Group set a $485.00 price target on Broadcom and gave the stock a "buy" rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $493.24.

Insiders Place Their Bets

In related news, Director Gayla J. Delly sold 1,000 shares of the company's 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 sale, the director directly owned 32,352 shares of the company's stock, valued at $11,592,045.12. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 1,602 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $373.86, for a total transaction of $598,923.72. Following the transaction, the director owned 17,426 shares in the company, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 60,987 shares of company stock worth $21,899,980. 1.90% of the stock is owned by company insiders.

Broadcom Price Performance

Broadcom stock opened at $360.45 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. The stock has a market cap of $1.71 trillion, a price-to-earnings ratio of 60.08, a price-to-earnings-growth ratio of 0.63 and a beta of 1.45. The firm has a 50-day moving average of $407.92 and a two-hundred day moving average of $362.49. Broadcom Inc. has a 1 year low of $269.58 and a 1 year high of $495.00.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. Broadcom's payout ratio is 43.33%.

Key Headlines Impacting Broadcom

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 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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