Turtle Creek Wealth Advisors LLC Grows Stake in Broadcom Inc. $AVGO

Turtle Creek Wealth Advisors LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.8% in the 1st quarter, Holdings Channel reports. The firm owned 65,692 shares of the semiconductor manufacturer’s stock after purchasing an additional 5,289 shares during the period. Broadcom accounts for 1.5% of Turtle Creek Wealth Advisors LLC’s investment portfolio, making the stock its 12th largest holding. Turtle Creek Wealth Advisors LLC’s holdings in Broadcom were worth $20,332,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ROSS JOHNSON & Associates LLC raised its holdings in shares of Broadcom by 1,320.0% during the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 66 shares during the last quarter. SWAN Capital LLC boosted 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 acquiring an additional 55 shares during the last quarter. Networth Advisors LLC increased its position in shares of Broadcom by 546.2% during the first quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 71 shares in the last quarter. Miller Global Investments LLC acquired a new position in Broadcom in the 4th quarter valued at $31,000. Finally, Nvest Wealth Strategies Inc. acquired a new position in Broadcom in the 4th quarter valued at $33,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVGO. TD Cowen restated a “buy” rating and issued a $500.00 price objective on shares of Broadcom in a report on Thursday, June 4th. Mizuho raised their price target on shares of Broadcom from $480.00 to $530.00 and gave the stock an “outperform” rating in a research note on Thursday, June 4th. DA Davidson upped their price objective on shares of Broadcom from $375.00 to $400.00 and gave the company a “neutral” rating in a research note on Thursday, June 4th. Dbs Bank upgraded shares of Broadcom to a “moderate buy” rating in a report on Thursday, June 18th. Finally, KeyCorp reissued an “overweight” rating and issued a $575.00 target price (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $493.24.

Broadcom Trading Down 2.8%

Shares of NASDAQ AVGO traded down $10.47 during trading on Tuesday, hitting $363.43. 4,610,569 shares of the company were exchanged, compared to its average volume of 26,293,332. The company has a fifty day moving average price of $407.92 and a 200-day moving average price of $362.49. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. The firm has a market capitalization of $1.73 trillion, a PE ratio of 60.69, a P/E/G ratio of 0.63 and a beta of 1.45. Broadcom Inc. has a 12-month low of $269.58 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. During the same quarter in the prior year, the firm posted $1.58 earnings per share. Broadcom’s quarterly revenue was up 47.9% on a year-over-year basis. As a group, equities research analysts expect that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

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

Insiders Place Their Bets

In other news, insider S. Ram Velaga sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the completion of the sale, the insider owned 57,932 shares in the company, valued at $21,464,964.64. This trade represents a 12.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harry L. You purchased 1,000 shares of Broadcom stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the transaction, the director owned 38,466 shares in the company, valued at approximately $14,369,743.62. This trade represents a 2.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have sold 60,987 shares of company stock worth $21,899,980. 1.90% of the stock is currently owned by company insiders.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s expanded partnership with Apple through 2031 should support long-term chip demand and strengthen confidence in its custom silicon growth story. Reuters: Broadcom, Apple extend chip partnership through 2031
• Positive Sentiment: Broadcom is being highlighted as a key AI infrastructure and edge-AI player, which supports the stock’s premium valuation. Seeking Alpha: Broadcom’s AI Infrastructure Model Justifies Its Premium Valuation
• Positive Sentiment: Analyst and investor commentary continues to point to Broadcom’s custom AI silicon growth as a reason estimates may keep moving higher. Yahoo Finance: Why Broadcom Inc.’s Custom AI Silicon Growth Still Supports Its Estimate Story
• Neutral Sentiment: Broader semiconductor momentum has helped AVGO alongside other chip names, adding a sector tailwind to the stock. Yahoo Finance: Allegro MicroSystems and Penguin Solutions Shares Skyrocket
• Negative Sentiment: Some recent coverage warns that Broadcom’s largest AI customer may be shifting business to MediaTek, which could raise questions about customer concentration in its AI chip franchise. MSN: Broadcom’s largest AI customer is fleeing to MediaTek
• Negative Sentiment: One analyst note also said AVGO had been under pressure recently after a weaker near-term outlook and limited improvement to the longer-term AI revenue picture. Zacks: Broadcom Drops 9% in a Month

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.