Thornburg Investment Management Inc. Sells 146,530 Shares of Broadcom Inc. $AVGO

Key Points

• Thornburg Investment Management trimmed its Broadcom stake by 6.6% in the fourth quarter, selling 146,530 shares and ending with 2,057,995 shares worth about $712.3 million. Broadcom remains Thornburg’s third-largest holding and makes up 8.9% of its portfolio.
• Despite some recent selling by insiders and institutions, analyst sentiment remains broadly positive, with 29 Buy ratings and an average price target of $490.13. Several firms recently reaffirmed Buy ratings or raised targets on the stock.
• Broadcom reported strong quarterly results, beating EPS and revenue expectations and posting year-over-year revenue growth of 47.9%. The company also declared a quarterly dividend of $0.65 per share, payable June 30.

Thornburg Investment Management Inc. cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,057,995 shares of the semiconductor manufacturer's stock after selling 146,530 shares during the period. Broadcom accounts for about 8.9% of Thornburg Investment Management Inc.'s portfolio, making the stock its 3rd largest holding. Thornburg Investment Management Inc.'s holdings in Broadcom were worth $712,272,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Baring Financial LLC lifted its holdings in Broadcom by 2.2% in the fourth quarter. Baring Financial LLC now owns 1,359 shares of the semiconductor manufacturer's stock valued at $470,000 after acquiring an additional 29 shares during the last quarter. Five Oceans Advisors lifted its stake in Broadcom by 0.4% during the fourth quarter. Five Oceans Advisors now owns 8,191 shares of the semiconductor manufacturer's stock worth $2,835,000 after purchasing an additional 29 shares in the last quarter. Planning Alternatives Ltd. ADV lifted its stake in Broadcom by 1.4% during the third quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer's stock worth $715,000 after purchasing an additional 30 shares in the last quarter. Bell Investment Advisors Inc lifted its stake in Broadcom by 1.9% during the third quarter. Bell Investment Advisors Inc now owns 1,638 shares of the semiconductor manufacturer's stock worth $540,000 after purchasing an additional 30 shares in the last quarter. Finally, Bare Financial Services Inc lifted its stake in Broadcom by 11.6% during the third quarter. Bare Financial Services Inc now owns 299 shares of the semiconductor manufacturer's stock worth $99,000 after purchasing an additional 31 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. TD Cowen reaffirmed a "buy" rating and set a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Zacks Research lowered Broadcom from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 21st. DA Davidson upped their price objective on Broadcom from $375.00 to $400.00 and gave the stock a "neutral" rating in a research report on Thursday, June 4th. Finally, Royal Bank Of Canada upped their price objective on Broadcom from $360.00 to $400.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $490.13.

Insider Activity at Broadcom

In other Broadcom news, insider S. Ram Velaga sold 17,260 shares of the firm's stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $352.12, for a total transaction of $6,077,591.20. Following the transaction, the insider owned 65,932 shares of the company's stock, valued at approximately $23,215,975.84. This trade represents a 20.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 2,018 shares of the firm's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total value of $712,354.00. Following the transaction, the director directly owned 18,164 shares in the company, valued at approximately $6,411,892. The trade was a 10.00% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 51,233 shares of company stock valued at $18,125,134. Corporate insiders own 1.90% of the company's stock.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Director Harry L. You bought 1,000 Broadcom shares in a disclosed SEC filing, a vote of confidence that can reassure investors about the company’s outlook. SEC Form 4 filing
• Positive Sentiment: Recent articles continue to frame Broadcom as a major beneficiary of the AI infrastructure buildout, with investors focusing on its custom compute, networking, and semiconductor exposure. Investopedia article
• Positive Sentiment: Broadcom was included in bullish commentary about “beaten down” AI infrastructure stocks, suggesting some investors see the recent pullback as a buying opportunity rather than a fundamental deterioration. 247WallSt article
• Positive Sentiment: Wall Street Zen reportedly upgraded Broadcom to Strong-Buy, adding to the bullish analyst tone around the stock. American Banking News article
• Neutral Sentiment: Some coverage compared Broadcom with other AI infrastructure names and noted that competitors may have stronger near-term upside, which could temper enthusiasm but does not change Broadcom’s long-term AI thesis. Zacks article
• Negative Sentiment: Recent market commentary said Broadcom’s stock pulled back after record quarterly results because investors were focused on cautious AI guidance and valuation concerns, which may be weighing on sentiment. Yahoo Finance article

Broadcom Stock Performance

NASDAQ:AVGO opened at $393.94 on Tuesday. The firm has a market capitalization of $1.87 trillion, a PE ratio of 65.66, a price-to-earnings-growth ratio of 0.67 and a beta of 1.41. The business's fifty day moving average price is $405.85 and its 200 day moving average price is $363.29. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. 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 EPS for the quarter, beating the consensus estimate of $2.40 by $0.04. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.Broadcom's revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.58 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom's dividend payout ratio (DPR) is presently 43.33%.

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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