Sageworth Trust Co Decreases Stock Holdings in Broadcom Inc. $AVGO

Key Points

• Sageworth Trust Co cut its Broadcom stake by 94.3% in the fourth quarter, selling 33,009 shares and leaving it with 2,009 shares valued at about $695,000.
• Broadcom posted a strong quarterly report, with earnings per share of $2.05 and revenue of $19.31 billion, both slightly above analyst estimates and up 29.5% year over year.
• Broadcom continues to attract bullish attention from analysts and AI-related headlines, with Citi raising its price target to $500 and citing ongoing demand tied to custom AI silicon and infrastructure.

Sageworth Trust Co reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 94.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,009 shares of the semiconductor manufacturer's stock after selling 33,009 shares during the period. Sageworth Trust Co's holdings in Broadcom were worth $695,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Brighton Jones LLC increased its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in 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 buying an additional 756 shares during the last quarter. United Bank increased its holdings in 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 buying an additional 1,014 shares during the last quarter. Sivia Capital Partners LLC increased its holdings in Broadcom by 10.1% during the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock valued at $3,499,000 after buying an additional 1,160 shares during the last quarter. Finally, Capital & Planning LLC increased its holdings in Broadcom by 10.5% during the second quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock valued at $1,098,000 after buying an additional 378 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 39,116 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $321.61, for a total transaction of $12,580,096.76. Following the completion of the transaction, the insider owned 74,626 shares in the company, valued at approximately $24,000,467.86. This represents a 34.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 36,292 shares of the company's stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $11,671,507.20. Following the transaction, the chief financial officer owned 327,760 shares of the company's stock, valued at approximately $105,407,616. This represents a 9.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 324,282 shares of company stock worth $106,425,249 in the last three months. Insiders own 1.90% of the company's stock.

Broadcom Stock Performance

AVGO opened at $416.79 on Thursday. The firm has a market cap of $1.97 trillion, a P/E ratio of 81.40, a PEG ratio of 0.87 and a beta of 1.43. Broadcom Inc. has a 1-year low of $221.60 and a 1-year high of $437.68. The company has a 50 day simple moving average of $360.94 and a two-hundred day simple moving average of $353.52. 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 issued its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $19.10 billion. During the same quarter in the prior year, the business earned $1.60 earnings per share. Broadcom's revenue for the quarter was up 29.5% on a year-over-year basis. Equities analysts forecast that Broadcom Inc. will post 9.95 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Citi raised its price target on Broadcom to $500 from $475 and kept a Buy rating, saying the company remains one of Wall Street’s top semiconductor picks heading into earnings on continued AI demand. Broadcom Enters Earnings As Citi's Top Semiconductor Pick
• Positive Sentiment: Multiple reports highlighted Broadcom’s growing role in custom AI silicon and AI infrastructure, including talk of a large financing package to support its chipmaking buildout, reinforcing the bullish long-term AI investment case. Why Broadcom (AVGO) Is Becoming a Bigger Force in Custom AI Silicon
• Positive Sentiment: Fund-flow headlines were supportive, with Chris Rokos reportedly buying Broadcom and Mirova US LLC increasing its stake, suggesting institutional confidence remains strong. Broadcom Inc. (AVGO): Chris Rokos Is Buying This Chip Stock
• Neutral Sentiment: Broadcom sued EU antitrust regulators over a request for U.S. legal documents tied to the VMware deal, which adds legal noise but is not yet a clear business fundamental issue. Broadcom sues EU antitrust regulators over request for US legal documents
• Negative Sentiment: Recent trading showed Broadcom easing after a strong run, and some commentary warned that tech valuations are becoming crowded, which may be prompting profit-taking in the stock. Broadcom Inc. (AVGO) Dips More Than Broader Market: What You Should Know
• Negative Sentiment: Some holders also trimmed positions, including PRIMECAP Management and Cincinnati Specialty Underwriters, adding a modest overhang to sentiment. PRIMECAP Management Co trims Broadcom stake by 12,410 shares

Wall Street Analyst Weigh In

A number of brokerages have commented on AVGO. Weiss Ratings cut shares of Broadcom from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Truist Financial upped their target price on shares of Broadcom from $510.00 to $545.00 and gave the company a "buy" rating in a report on Thursday, March 5th. Benchmark reaffirmed a "buy" rating and set a $485.00 target price on shares of Broadcom in a report on Thursday, March 5th. Zacks Research raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 2nd. Finally, Seaport Research Partners reiterated a "neutral" rating on shares of Broadcom in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $436.13.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.