Sacks & Associates LLC Acquires 2,011 Shares of Broadcom Inc. $AVGO

Key Points

• Sacks & Associates acquired 2,011 Broadcom shares worth approximately $706,000 during the third quarter. Institutional investors and hedge funds collectively own 76.43% of the company.
• Analysts remain broadly bullish, with 37 Buy ratings and an average price target of $527.20; BMO Capital Markets recently raised its target to $575.
• Broadcom reported quarterly EPS of $3.32, beating estimates, while revenue rose 85.5% year over year to $29.59 billion. The company also declared a quarterly dividend of $0.65 per share.

Sacks & Associates LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,011 shares of the semiconductor manufacturer's stock, valued at approximately $706,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State Street Corp raised its position in shares of Broadcom by 8.7% during the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock worth $75,367,711,000 after purchasing an additional 16,651,378 shares during the period. Bank of America Corp DE grew its position in shares of Broadcom by 4.6% in the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock valued at $23,202,543,000 after purchasing an additional 2,685,916 shares during the period. Wellington Management Group LLP grew its position in shares of Broadcom by 3.8% in the 2nd quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $19,484,611,000 after purchasing an additional 1,892,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Broadcom by 2.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock valued at $15,178,195,000 after purchasing an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc bought a new stake in Broadcom during the 2nd quarter worth approximately $11,998,148,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. BMO Capital Markets raised their target price on shares of Broadcom from $455.00 to $575.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. Wall Street Zen cut shares of Broadcom from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 18th. President Capital increased their price objective on shares of Broadcom from $520.00 to $546.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Piper Sandler started coverage on shares of Broadcom in a research report on Wednesday, September 9th. They set an "overweight" rating and a $460.00 price objective for the company. Finally, TD Cowen restated a "buy" rating and set a $475.00 price objective (down from $500.00) on shares of Broadcom in a report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-seven have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $527.20.

Broadcom Stock Up 0.4%

Broadcom stock opened at $361.54 on Friday. The company has a market cap of $1.73 trillion, a P/E ratio of 46.17 and a beta of 1.46. Broadcom Inc. has a 1-year low of $289.96 and a 1-year high of $495.00. The company has a fifty day simple moving average of $371.24 and a 200 day simple moving average of $382.38. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.10. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The firm had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. During the same period in the previous year, the business earned $1.69 EPS. The company's revenue was up 85.5% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were issued a $0.65 dividend. The ex-dividend date was Monday, September 21st. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom's dividend payout ratio (DPR) is presently 33.21%.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom is reportedly arranging more than $50 billion in financing for custom AI chips being developed with OpenAI. Although discussions are preliminary, the potential project underscores the scale of expected demand for Broadcom’s custom silicon and could support substantial future revenue. Broadcom seeks more than $50 billion to finance OpenAI AI chips
• Positive Sentiment: At the OCP Global Summit, Broadcom highlighted new networking technologies designed to help hyperscalers scale AI clusters. The announcements reinforce its positioning in high-speed networking and custom AI infrastructure. Broadcom AI networking innovations
• Positive Sentiment: Record profits at Samsung and TSMC are being viewed as evidence that semiconductor demand and AI-related capital spending remain strong, a favorable backdrop for Broadcom’s chip and networking businesses. Record profits at Samsung and TSMC
• Positive Sentiment: Analysts and commentators continue to point to Broadcom’s rapid AI revenue growth and its roughly 24% decline from its 52-week high as a potential entry point, despite expectations for strong earnings growth. Broadcom is lagging the market

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops, and supplies semiconductor and infrastructure software products. Its semiconductor solutions support wired and wireless communications, data center networking, broadband access, storage, industrial applications, and other markets.

The company's semiconductor portfolio includes networking and switching products, custom application-specific integrated circuits, wireless connectivity components, radio-frequency devices, optical components, and storage-related solutions.

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