Westover Capital Advisors LLC Sells 4,772 Shares of Broadcom Inc. $AVGO

Key Points

• Westover Capital Advisors trimmed its Broadcom stake by 8.7% in the first quarter, selling 4,772 shares and leaving it with 50,107 shares worth about $15.5 million.
• Analysts remain broadly positive on Broadcom, with several firms raising price targets; the consensus rating is “Moderate Buy” and the average target price is $493.24.
• Broadcom reported strong quarterly results, beating EPS and revenue estimates with EPS of $2.44 and revenue of $22.19 billion, while also paying a $0.65 quarterly dividend.

Westover Capital Advisors LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,107 shares of the semiconductor manufacturer's stock after selling 4,772 shares during the quarter. Broadcom accounts for 2.9% of Westover Capital Advisors LLC's holdings, making the stock its 5th largest position. Westover Capital Advisors LLC's holdings in Broadcom were worth $15,509,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. ROSS JOHNSON & Associates LLC boosted its holdings in Broadcom by 1,320.0% during the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 66 shares in the last quarter. Networth Advisors LLC increased its holdings in Broadcom by 546.2% in the first quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer's stock valued at $26,000 after buying an additional 71 shares in the last quarter. SWAN Capital LLC increased its holdings in Broadcom by 261.9% in the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock valued at $26,000 after buying an additional 55 shares in the last quarter. Nvest Wealth Strategies Inc. acquired a new position in shares of Broadcom in the fourth quarter worth about $33,000. Finally, Family CFO Inc acquired a new position in shares of Broadcom in the fourth quarter worth about $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVGO. Weiss Ratings upgraded Broadcom from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday. Truist Financial upped their price target on Broadcom from $545.00 to $550.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Oppenheimer reiterated an "outperform" rating and set a $535.00 price target (up from $450.00) on shares of Broadcom in a research report on Thursday, June 4th. Wells Fargo & Company reissued an "overweight" rating and issued a $545.00 price objective (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Finally, Wall Street Zen lowered Broadcom from a "strong-buy" rating to a "buy" rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $493.24.

Broadcom Price Performance

Shares of Broadcom stock opened at $370.83 on Monday. The business has a 50 day simple moving average of $401.29 and a two-hundred day simple moving average of $365.42. Broadcom Inc. has a 12 month low of $273.00 and a 12 month high of $495.00. The stock has a market capitalization of $1.76 trillion, a P/E ratio of 61.81, a PEG ratio of 0.65 and a beta of 1.45. 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 (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. During the same quarter last year, the business posted $1.58 earnings per share. The business's quarterly revenue was up 47.9% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom's payout ratio is 43.33%.

Insider Buying and Selling at Broadcom

In other news, Director Gayla J. Delly sold 1,890 shares of the firm's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total value of $728,368.20. Following the transaction, the director directly owned 31,326 shares of the company's stock, valued at approximately $12,072,413.88. This trade represents a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $401.33, for a total transaction of $10,033,250.00. Following the transaction, the insider owned 194,989 shares in the company, valued at $78,254,935.37. The trade was a 11.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 61,644 shares of company stock worth $24,016,214. Company insiders own 1.90% of the company's stock.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Standard Chartered chose Broadcom to support a long-term modernization of its global banking infrastructure, underscoring Broadcom’s role in secure private-cloud and enterprise networking solutions. Standard Chartered Selects Broadcom to Deliver Secure, Always-On Banking Services at Global Scale
• Positive Sentiment: Wall Street commentary continues to describe Broadcom as a core AI beneficiary, and some analysts have raised price targets even after the stock pullback. As Shares Fall, Analyst Are Boosting Their Broadcom Price Targets
• Neutral Sentiment: Broadcom remains a major talking point in AI-focused market coverage, with some investors viewing it as an indicator for the broader market and semiconductor cycle. Jim Cramer Says Broadcom Will Tell You When the Market Is About to Turn
• Negative Sentiment: Broadcom is facing renewed skepticism around valuation, with one report asking whether the AI story has made the stock too expensive. Has Broadcom Become Too Expensive for Its AI Story?
• Negative Sentiment: The stock is also being hit by a broader selloff in semiconductor names as investors rotate away from AI-capex winners and worry about a slowdown in chip spending. Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide
• Negative Sentiment: Broadcom is also dealing with regulatory uncertainty after reports said it faces an EU antitrust review tied to VMware licensing changes. Broadcom (AVGO) Faces EU Antitrust Review Over VMware Licensing Changes

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.

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