TruNorth Capital Management LLC Buys 1,428 Shares of Broadcom Inc. $AVGO

Key Points

• TruNorth Capital Management increased its Broadcom stake by 221.4% in the fourth quarter, buying 1,428 additional shares and bringing its total to 2,073 shares worth about $717,000.
• Broadcom’s latest quarterly results beat expectations, with EPS of $2.44 versus $2.40 estimated and revenue of $22.19 billion, up 47.9% year over year.
• Analysts remain bullish on AVGO, with a consensus “Moderate Buy” rating and an average price target of $490.13, while the company also announced a quarterly dividend of $0.65 per share.

TruNorth Capital Management LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 221.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,073 shares of the semiconductor manufacturer's stock after acquiring an additional 1,428 shares during the period. TruNorth Capital Management LLC's holdings in Broadcom were worth $717,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Norges Bank bought a new stake in Broadcom in the 4th quarter valued at $24,252,196,000. Arrowstreet Capital Limited Partnership increased its holdings in Broadcom by 499.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer's stock valued at $1,858,789,000 after acquiring an additional 4,694,313 shares during the last quarter. Vanguard Group Inc. increased its holdings in Broadcom by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock valued at $167,064,997,000 after acquiring an additional 3,919,715 shares during the last quarter. Nordea Investment Management AB increased its holdings in Broadcom by 47.5% in the 4th quarter. Nordea Investment Management AB now owns 9,814,757 shares of the semiconductor manufacturer's stock valued at $3,406,211,000 after acquiring an additional 3,160,586 shares during the last quarter. Finally, Danske Bank A S bought a new stake in Broadcom in the 3rd quarter valued at $987,488,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 2,018 shares of the business's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total value of $712,354.00. Following the completion of the sale, the director directly owned 18,164 shares of the company's stock, valued at $6,411,892. The trade was a 10.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gayla J. Delly sold 1,000 shares of the business's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $358.31, for a total transaction of $358,310.00. Following the completion of the sale, the director directly owned 32,352 shares of the company's stock, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 324,282 shares of company stock worth $106,425,249 over the last 90 days. Corporate insiders own 1.90% of the company's stock.

Broadcom Price Performance

Broadcom stock opened at $396.60 on Tuesday. The stock has a market cap of $1.88 trillion, a price-to-earnings ratio of 66.10, a price-to-earnings-growth ratio of 0.70 and a beta of 1.41. 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 1 year low of $241.11 and a 1 year high of $495.00. The firm has a 50-day moving average of $397.96 and a two-hundred day moving average of $362.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.04. The company had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm's quarterly revenue was up 47.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.58 EPS. On average, research analysts forecast that Broadcom Inc. will post 9.97 earnings per share for the current year.

Broadcom Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVGO. Seaport Research Partners reiterated a "neutral" rating on shares of Broadcom in a report on Wednesday, April 8th. Morgan Stanley set a $502.00 price target on shares of Broadcom and gave the company an "overweight" rating in a report on Thursday. KeyCorp reissued an "overweight" rating and issued a $575.00 price objective (up from $500.00) on shares of Broadcom in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $500.00 to $580.00 and gave the stock an "overweight" rating in a research note on Thursday, June 4th. Finally, Susquehanna reissued a "positive" rating and issued a $490.00 price objective (up from $450.00) on shares of Broadcom in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $490.13.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom announced expanded security investments for the Spring and Java ecosystem, aiming to help enterprise customers defend against AI-enabled threats and reinforcing its software strategy. Broadcom Expands Its Investment in Spring and Java Ecosystem Security to Prepare Customers for AI-Enabled Threats
• Positive Sentiment: Several analysts and market commentators said the recent post-earnings decline may be exaggerated, arguing that Broadcom’s strong revenue growth and AI momentum still support the long-term story. Jim Cramer on Broadcom: “The Disappointing Earnings May Not Be as Crushing as We Think”
• Positive Sentiment: Wall Street sentiment remains constructive, with Bank of America raising its price target on Broadcom to $530 from $450 while keeping a Buy rating after the latest quarterly results and guidance. Is Broadcom (AVGO) the Best Stock in Chase Coleman’s Tiger Global?

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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