Worthington Financial Partners LLC Invests $3.15 Million in Broadcom Inc. $AVGO

Key Points

• Worthington Financial Partners LLC initiated a new position in Broadcom during the fourth quarter, buying 9,094 shares valued at about $3.15 million. The stake makes Broadcom its 5th largest holding and about 2.8% of its portfolio.
• Broadcom continues to draw bullish analyst support, with firms like TD Cowen, Bank of America, Evercore, Jefferies, and UBS reiterating or raising price targets. The consensus rating remains Moderate Buy, with an average target price of $490.13.
• The company recently posted strong quarterly results, beating EPS and revenue estimates and growing revenue nearly 48% year over year. Broadcom also raised its debt tender offer to $3 billion and declared a quarterly dividend of $0.65 per share.

Worthington Financial Partners LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,094 shares of the semiconductor manufacturer's stock, valued at approximately $3,147,000. Broadcom comprises approximately 2.8% of Worthington Financial Partners LLC's holdings, making the stock its 5th biggest holding.

Several other hedge funds have also recently made changes to their positions in AVGO. ROSS JOHNSON & Associates LLC grew its stake in Broadcom by 1,320.0% during the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock valued at $25,000 after purchasing an additional 66 shares during the last quarter. SWAN Capital LLC raised its stake in shares of Broadcom by 261.9% in the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock worth $26,000 after purchasing an additional 55 shares during the last quarter. Miller Global Investments LLC purchased a new position in shares of Broadcom in the fourth quarter worth about $31,000. Nvest Wealth Strategies Inc. acquired a new stake in shares of Broadcom during the fourth quarter worth about $33,000. Finally, Family CFO Inc acquired a new stake in shares of Broadcom during the fourth quarter worth about $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the topic of several research reports. TD Cowen reiterated a "buy" rating and issued a $500.00 price target on shares of Broadcom in a report on Thursday, June 4th. Bank of America lifted their price objective on shares of Broadcom from $450.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Evercore reaffirmed an "outperform" rating and issued a $582.00 price objective on shares of Broadcom in a report on Tuesday, May 19th. Jefferies Financial Group set a $550.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research note on Thursday, June 4th. Finally, UBS Group set a $485.00 target price on shares of Broadcom and gave the stock a "buy" rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average target price of $490.13.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $411.35 on Friday. Broadcom Inc. has a 12-month low of $244.17 and a 12-month high of $495.00. The company has a market capitalization of $1.96 trillion, a PE ratio of 68.56, a PEG ratio of 0.72 and a beta of 1.41. The business has a 50 day moving average of $411.42 and a two-hundred day moving average of $363.50. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, topping the consensus estimate of $2.40 by $0.04. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business's quarterly 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. As a group, analysts forecast that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom's dividend payout ratio is 43.33%.

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 1,000 shares of the company's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $358.31, for a total value of $358,310.00. Following the completion of the transaction, the director owned 32,352 shares in the company, valued at approximately $11,592,045.12. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider S. Ram Velaga sold 8,000 shares of the stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the sale, the insider directly owned 57,932 shares in the company, valued at approximately $21,464,964.64. The trade was a 12.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 59,385 shares of company stock valued at $21,301,057 in the last three months. Corporate insiders own 1.90% of the company's stock.

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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