Tortoise Investment Management LLC Decreases Stake in Broadcom Inc. $AVGO

Key Points

• Tortoise Investment Management LLC has reduced its stake in Broadcom Inc. by 55.4%, owning 1,371 shares valued at approximately $230,000 after selling 1,704 shares in the first quarter.
• Various institutional investors have increased their positions in Broadcom, with Brighton Jones LLC raising its stake by 21.8% and Bank Pictet & Cie Europe AG increasing by 16.4% during the fourth quarter.
• Analyst ratings for Broadcom are generally positive, with KeyCorp raising its price target to $330 and several firms maintaining "buy" or "overweight" ratings.

Tortoise Investment Management LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 55.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,371 shares of the semiconductor manufacturer's stock after selling 1,704 shares during the period. Tortoise Investment Management LLC's holdings in Broadcom were worth $230,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in AVGO. Brighton Jones LLC raised its stake in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after buying an additional 31,225 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Broadcom during the 4th quarter worth $602,000. Finally, Freestone Grove Partners LP acquired a new position in shares of Broadcom during the 4th quarter worth $45,047,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on AVGO. KeyCorp lifted their price target on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Piper Sandler lifted their price objective on Broadcom from $300.00 to $315.00 and gave the stock an "overweight" rating in a research report on Friday, August 22nd. Oppenheimer reiterated an "outperform" rating and set a $325.00 price objective (up previously from $305.00) on shares of Broadcom in a research report on Thursday. Finally, HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. Three research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Broadcom has an average rating of "Buy" and a consensus target price of $301.79.

Broadcom Stock Up 2.8%

Shares of NASDAQ:AVGO opened at $308.65 on Friday. The stock's 50-day moving average price is $286.79 and its two-hundred day moving average price is $234.25. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $317.35. The firm has a market cap of $1.45 trillion, a price-to-earnings ratio of 115.60, a PEG ratio of 2.14 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned $10.96 EPS. Broadcom has set its Q3 2025 guidance at EPS. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,286,457 over the last 90 days. Company insiders own 2.00% of the company's stock.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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