TrinityBridge Ltd Sells 164,971 Shares of Broadcom Inc. $AVGO

Key Points

• TrinityBridge cut its Broadcom stake by 34.1% in the third quarter, selling 164,971 shares and retaining 318,580 shares worth about $111.9 million; Broadcom remains 3.3% of its portfolio.
• Broadcom reported quarterly EPS of $3.32 and revenue of $29.59 billion, beating analyst estimates; revenue rose 85.5% year over year.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $530.52. The shares recently traded at $293.69, well below their 52-week high of $495.

TrinityBridge Ltd reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 34.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 318,580 shares of the semiconductor manufacturer's stock after selling 164,971 shares during the period. Broadcom accounts for about 3.3% of TrinityBridge Ltd's portfolio, making the stock its 8th largest holding. TrinityBridge Ltd's holdings in Broadcom were worth $111,874,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Cornerstone Advisors LLC acquired a new position in shares of Broadcom during the 2nd quarter worth approximately $92,522,000. GAMMA Investing LLC lifted its holdings in Broadcom by 8.8% during the 3rd quarter. GAMMA Investing LLC now owns 164,015 shares of the semiconductor manufacturer's stock valued at $55,889,000 after purchasing an additional 13,317 shares during the last quarter. ANB Bank acquired a new stake in Broadcom during the 3rd quarter valued at $1,181,000. Bank of America Corp DE lifted its holdings in Broadcom by 1.5% during the 1st quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer's stock valued at $18,179,719,000 after purchasing an additional 894,564 shares during the last quarter. Finally, Clear Harbor Asset Management LLC bought a new position in Broadcom during the second quarter worth $3,302,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

NASDAQ:AVGO traded up $2.16 during mid-day trading on Friday, hitting $293.69. 32,366,942 shares of the stock were exchanged, compared to its average volume of 22,165,412. The firm's 50-day simple moving average is $347.89 and its 200 day simple moving average is $366.17. The stock has a market capitalization of $1.40 trillion, a price-to-earnings ratio of 37.51 and a beta of 1.49. Broadcom Inc. has a fifty-two week low of $289.77 and a fifty-two week high of $495.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom's payout ratio is presently 33.21%.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Wall Street Analyst Weigh In

Several equities analysts have commented on AVGO shares. JPMorgan Chase & Co. reiterated a "buy" rating on shares of Broadcom in a report on Thursday, September 3rd. Sanford C. Bernstein restated a "buy" rating on shares of Broadcom in a research note on Monday, September 21st. Rosenblatt Securities reaffirmed a "buy" rating and set a $600.00 target price on shares of Broadcom in a report on Tuesday, October 27th. HC Wainwright began coverage on shares of Broadcom in a research note on Tuesday, October 27th. They issued a "buy" rating on the stock. Finally, Tigress Financial initiated coverage on shares of Broadcom in a research note on Thursday, October 22nd. They issued a "buy" rating and a $600.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $530.52.

Broadcom Company Profile

Broadcom Inc is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics.

Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.

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