Vertrix Wealth Management LLC Buys Shares of 17,564 Broadcom Inc. $AVGO

Key Points

• Vertrix Wealth Management opened a new Broadcom position in the first quarter, buying 17,564 shares worth about $5.44 million. The stake makes Broadcom roughly 2.0% of its portfolio and its 14th-largest holding.
• Broadcom continues to draw support from institutional investors and analysts, with 76.43% of shares held by institutions and a consensus Wall Street rating of Moderate Buy. Several firms remain bullish on the company’s AI-driven growth, especially demand for custom AI silicon and its work with customers like OpenAI and Anthropic.
• The company reported better-than-expected quarterly results, with EPS of $2.44 on revenue of $22.19 billion, up 47.9% from a year earlier. Despite that strength, shares were trading around $360.45, below recent analyst targets and about 14% off their post-earnings level.

Vertrix Wealth Management LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,564 shares of the semiconductor manufacturer's stock, valued at approximately $5,436,000. Broadcom accounts for approximately 2.0% of Vertrix Wealth Management LLC's investment portfolio, making the stock its 14th largest holding.

A number of other large investors also recently modified their holdings of the business. Brighton Jones LLC lifted its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC grew its holdings in shares of Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the last quarter. United Bank grew its holdings in shares of Broadcom by 76.5% during the first quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after purchasing an additional 1,014 shares during the last quarter. Sivia Capital Partners LLC raised its position in shares of Broadcom by 10.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock worth $3,499,000 after purchasing an additional 1,160 shares during the period. Finally, Capital & Planning LLC raised its position in shares of Broadcom by 10.5% during the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock worth $1,098,000 after purchasing an additional 378 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: JPMorgan, UBS, Jefferies and other analysts remain constructive on Broadcom’s AI-driven growth, with price targets well above current levels and continued optimism around custom AI silicon demand, including exposure to customers such as OpenAI and Anthropic. UBS Reaffirms Buy Rating on Broadcom (AVGO) Amid AI ASIC Demand and OpenAI, Anthropic Growth
• Positive Sentiment: Articles highlighting Broadcom’s partnership with OpenAI on the “Jalapeño” AI accelerator reinforce the market’s bullish view that AI infrastructure can keep driving revenue growth. What Broadcom (AVGO)'s Jalapeño AI Accelerator Partnership With OpenAI Means For Shareholders
• Neutral Sentiment: Several recent write-ups argue Broadcom may be attractive after its pullback, but they mostly restate the same long-term thesis rather than pointing to a new catalyst. Why Broadcom Stock Slumped Today
• Neutral Sentiment: Investors continue to search for clues on whether Broadcom can rebound from its post-earnings decline, with coverage focusing on earnings estimates and fair-value changes. Broadcom (AVGO) Stock Gets Fair Value Boost As Analysts Split On AI Outlook
• Negative Sentiment: Director Justine Page sold 1,602 shares of Broadcom stock, extending insider-selling headlines that can weigh on sentiment even if the sale is relatively small versus the company’s size. SEC Form 4 filing for Justine Page sale
• Negative Sentiment: Broadcom remains about 14% below its last earnings report level, and recent commentary suggests investors are still uneasy about whether the company’s strong results were enough to justify its premium valuation. Broadcom Inc. (AVGO) Down 14% Since Last Earnings Report: Can It Rebound?

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 4,825 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $394.91, for a total value of $1,905,440.75. Following the completion of the sale, the insider directly owned 269,989 shares in the company, valued at $106,621,355.99. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harry L. You purchased 1,000 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $373.57 per share, with a total value of $373,570.00. Following the completion of the purchase, the director owned 38,466 shares in the company, valued at $14,369,743.62. This represents a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders sold 60,987 shares of company stock valued at $21,899,980. 1.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on AVGO. Wall Street Zen upgraded shares of Broadcom from a "buy" rating to a "strong-buy" rating in a research report on Wednesday. The Goldman Sachs Group reissued a "buy" rating and set a $525.00 target price on shares of Broadcom in a research note on Thursday, June 4th. Morgan Stanley set a $502.00 target price on shares of Broadcom and gave the stock an "overweight" rating in a research report on Thursday, June 4th. Zacks Research lowered shares of Broadcom from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 21st. Finally, DA Davidson lifted their price target on Broadcom from $375.00 to $400.00 and gave the company a "neutral" rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $493.24.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $360.45 on Friday. The stock has a market cap of $1.71 trillion, a P/E ratio of 60.08, a P/E/G ratio of 0.63 and a beta of 1.45. The firm's 50-day simple moving average is $407.92 and its 200 day simple moving average is $362.33. Broadcom Inc. has a fifty-two week low of $269.58 and a fifty-two week high of $495.00. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.04. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. Broadcom's revenue was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.58 EPS. Equities analysts expect that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were issued a $0.65 dividend. The ex-dividend date was Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom's dividend payout ratio (DPR) is 43.33%.

Broadcom 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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

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.