Smith Salley Wealth Management Has $38.84 Million Stock Position in Broadcom Inc. $AVGO

Key Points

• Smith Salley Wealth Management increased its Broadcom stake by 30% in the first quarter, buying 28,952 more shares to bring its total to 125,497 shares. The position was valued at about $38.84 million and made Broadcom the firm’s 11th-largest holding.
• Broadcom continues to draw attention for its AI-related growth, with reports citing strong semiconductor sales, bookings, and hyperscaler demand for custom AI chips and networking. Analysts have also pointed to long-term upside from its AI partnerships and platform initiatives.
• The company recently reported better-than-expected quarterly results, including EPS of $2.44 versus the $2.40 estimate and revenue growth of 47.9% year over year. Analysts remain broadly bullish, with a consensus Moderate Buy rating and an average price target of $493.24.

Smith Salley Wealth Management increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,497 shares of the semiconductor manufacturer's stock after acquiring an additional 28,952 shares during the quarter. Broadcom accounts for about 2.0% of Smith Salley Wealth Management's holdings, making the stock its 11th largest position. Smith Salley Wealth Management's holdings in Broadcom were worth $38,842,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in AVGO. ROSS JOHNSON & Associates LLC raised its stake in Broadcom by 1,320.0% during the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock valued at $25,000 after purchasing an additional 66 shares during the period. SWAN Capital LLC boosted its position in shares of Broadcom by 261.9% in the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock worth $26,000 after buying an additional 55 shares during the period. Miller Global Investments LLC purchased a new position in shares of Broadcom during the fourth quarter valued at $31,000. Nvest Wealth Strategies Inc. purchased a new position in shares of Broadcom during the fourth quarter valued at $33,000. Finally, Family CFO Inc acquired a new position in Broadcom during the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI business remains a major strength, with reports highlighting record semiconductor sales, strong bookings, and customer commitments tied to hyperscaler demand for custom AI chips and networking. Broadcom's AI Push Boosts Semiconductor Sales: More Upside Ahead?
• Positive Sentiment: JPMorgan and other bullish commentary suggested the recent dip could be a buying opportunity, citing Broadcom’s locked-in AI chip partnership with Google through 2031 and expanding AI platform initiatives. Ignore the noise: Top bank says AVGO stock dip is a buying opportunity, points to locked-in Broadcom–Google AI chip deal through 2031
• Neutral Sentiment: Broadcom continues to draw investor attention thanks to its AI XPV platform and custom XPUs, which could support future AI compute demand, but this is more of a long-term growth story than a near-term stock catalyst. How Broadcom’s (AVGO) AI XPV Platform Ties Its Custom XPUs to the Next Wave of AI Compute Demand
• Neutral Sentiment: Recent earnings comparisons showed Broadcom still performing well versus peers, but this appears to be more of a recap of already-known quarterly strength than a new catalyst. A look back at processors and graphics chips stocks’ Q1 earnings: Broadcom NASDAQ: AVGO vs the rest of the pack
• Negative Sentiment: A Barron’s report said Broadcom fell along with other chip stocks in a broader tech selloff, suggesting the stock is being hit by sector-wide risk aversion rather than company-specific weakness. Nvidia, AMD, Broadcom Fall as Tech Selloff Catches Up With Chips
• Negative Sentiment: Broadcom also faced a rating downgrade from Wall Street Zen and a Seeking Alpha note warning that its infrastructure exposure and leverage could create risk despite strong AI momentum. Broadcom: $2 Trillion AI Debt Engine Meets High Infrastructural Risk (Rating Downgrade)

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the transaction, the insider directly owned 787,184 shares of the company's stock, valued at $271,759,532.32. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 4,825 shares of the firm's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $394.91, for a total value of $1,905,440.75. Following the transaction, the insider owned 269,989 shares in the company, valued at approximately $106,621,355.99. This trade represents a 1.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 59,385 shares of company stock valued at $21,301,057 in the last three months. 1.90% of the stock is currently owned by company insiders.

Broadcom Price Performance

Shares of AVGO opened at $380.15 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. The firm has a market cap of $1.81 trillion, a PE ratio of 63.36, a PEG ratio of 0.69 and a beta of 1.41. The firm's 50 day moving average price is $412.34 and its 200 day moving average price is $363.42. Broadcom Inc. has a twelve month low of $258.77 and a twelve 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 EPS for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. During the same period in the previous year, the firm posted $1.58 earnings per share. The company's revenue for the quarter was up 47.9% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be issued a $0.65 dividend. The ex-dividend date is Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. Broadcom's dividend payout ratio is currently 43.33%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on AVGO shares. Weiss Ratings raised Broadcom from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, June 9th. Mizuho lifted their target price on Broadcom from $480.00 to $530.00 and gave the company an "outperform" rating in a research note on Thursday, June 4th. KeyCorp reiterated an "overweight" rating and issued a $575.00 price objective (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. DA Davidson upped their price objective on shares of Broadcom from $375.00 to $400.00 and gave the company a "neutral" rating in a research note on Thursday, June 4th. Finally, TD Cowen reissued a "buy" rating and set a $500.00 target price on shares of Broadcom in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average target price of $493.24.

About Broadcom

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.