S Harris Financial Group LLC Invests $791,000 in Broadcom Inc. $AVGO

Key Points

• S Harris Financial Group disclosed a new fourth-quarter stake in Broadcom, buying 2,286 shares valued at about $791,000. Broadcom now ranks as the firm’s 27th-largest holding and makes up roughly 0.8% of its portfolio.
• Broadcom continues to draw broad institutional and analyst support, with several hedge funds adding shares and most Wall Street analysts rating it a Buy. The stock currently carries a Moderate Buy consensus and a $490.13 average price target.
• The company also reported strong quarterly results, topping earnings and revenue estimates with revenue up 47.9% year over year. Broadcom additionally announced a quarterly dividend of $0.65 per share, payable June 30.

S Harris Financial Group LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,286 shares of the semiconductor manufacturer's stock, valued at approximately $791,000. Broadcom makes up approximately 0.8% of S Harris Financial Group LLC's holdings, making the stock its 27th biggest position.

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

Insider Activity

In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total value of $3,452,300.00. Following the sale, the insider owned 787,184 shares in the company, valued at $271,759,532.32. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry L. You acquired 1,000 shares of Broadcom stock in a transaction on Thursday, June 11th. The shares were bought at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the completion of the transaction, the director owned 38,466 shares in the company, valued at approximately $14,369,743.62. This trade represents a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 59,385 shares of company stock valued at $21,301,057. 1.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on AVGO shares. Evercore restated an "outperform" rating and issued a $582.00 price objective on shares of Broadcom in a report on Tuesday, May 19th. The Goldman Sachs Group reissued a "buy" rating and issued a $525.00 price target on shares of Broadcom in a research note on Thursday, June 4th. Weiss Ratings raised Broadcom from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, June 9th. TD Cowen reiterated a "buy" rating and issued a $500.00 price objective on shares of Broadcom in a report on Thursday, June 4th. Finally, Benchmark increased their target price on Broadcom from $485.00 to $545.00 and gave the company 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 assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $490.13.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Broadcom Price Performance

AVGO stock opened at $411.35 on Friday. The stock has a market capitalization of $1.96 trillion, a price-to-earnings ratio of 68.56, a PEG ratio of 0.72 and a beta of 1.41. The firm's 50-day moving average price is $411.42 and its two-hundred day moving average price is $363.50. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 12-month low of $244.17 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its 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 company 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 for the quarter was up 47.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.58 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, June 22nd. Broadcom's dividend payout ratio (DPR) is currently 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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