Westhampton Capital LLC Sells 2,579 Shares of Broadcom Inc. $AVGO

Key Points

• Westhampton Capital reduced its Broadcom position by 9.5% in the third quarter, selling 2,579 shares. It retained 24,646 shares valued at about $8.66 million, its fourth-largest holding.
• Institutional investors collectively own 76.43% of Broadcom, with several firms adding shares and others adjusting their stakes.
• Broadcom beat quarterly earnings and revenue estimates, with revenue up 85.5% year over year. Analysts’ average rating is “Moderate Buy,” though shares opened at $293.69, near their 12-month low of $289.77.

Westhampton Capital LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 24,646 shares of the semiconductor manufacturer's stock after selling 2,579 shares during the period. Broadcom comprises about 3.8% of Westhampton Capital LLC's holdings, making the stock its 4th largest holding. Westhampton Capital LLC's holdings in Broadcom were worth $8,655,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. MFG Investments LLC bought a new stake in shares of Broadcom during the third quarter valued at approximately $766,000. Third View Private Wealth LLC grew its stake in Broadcom by 6.8% in the third quarter. Third View Private Wealth LLC now owns 22,413 shares of the semiconductor manufacturer's stock worth $7,871,000 after purchasing an additional 1,426 shares during the period. Provenance Wealth Advisors LLC raised its holdings in Broadcom by 672.3% in the third quarter. Provenance Wealth Advisors LLC now owns 17,841 shares of the semiconductor manufacturer's stock worth $6,266,000 after purchasing an additional 15,531 shares in the last quarter. Ackerman Capital Advisors LLC raised its holdings in Broadcom by 46.5% in the third quarter. Ackerman Capital Advisors LLC now owns 1,263 shares of the semiconductor manufacturer's stock worth $444,000 after purchasing an additional 401 shares in the last quarter. Finally, One Day In July LLC raised its holdings in Broadcom by 7.4% in the third quarter. One Day In July LLC now owns 2,807 shares of the semiconductor manufacturer's stock worth $986,000 after purchasing an additional 193 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

More Broadcom News

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

Analyst Ratings Changes

A number of analysts have recently commented on the stock. BMO Capital Markets boosted their target price on shares of Broadcom from $455.00 to $575.00 and gave the company an "outperform" rating in a report on Thursday, September 3rd. Wedbush started coverage on shares of Broadcom in a research note on Tuesday, October 27th. They issued an "outperform" rating for the company. HC Wainwright started coverage on shares of Broadcom in a research report on Tuesday, October 27th. They set a "buy" rating for the company. Fox Advisors raised shares of Broadcom to an "outperform" rating in a research note on Thursday, September 3rd. Finally, Truist Financial cut their price objective on shares of Broadcom from $550.00 to $520.00 and set a "buy" rating on the stock in a report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $530.52.

Broadcom Stock Up 0.7%

Shares of NASDAQ:AVGO opened at $293.69 on Friday. The stock has a fifty day simple moving average of $347.89 and a two-hundred day simple moving average of $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 12-month low of $289.77 and a 12-month high of $495.00. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business had revenue of $29.59 billion for the quarter, compared to the consensus estimate of $29.24 billion. During the same period in the previous year, the company posted $1.69 earnings per share. The company's revenue for the quarter was up 85.5% compared to the same quarter last year. On average, research analysts anticipate that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom's payout ratio is currently 33.21%.

About Broadcom

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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