Bingham Private Wealth LLC Buys 10,654 Shares of Broadcom Inc. $AVGO

Bingham Private Wealth LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,654 shares of the semiconductor manufacturer’s stock, valued at approximately $3,742,000. Broadcom makes up approximately 2.3% of Bingham Private Wealth LLC’s investment portfolio, making the stock its 9th largest position.

A number of other institutional investors and hedge funds have also modified their holdings of AVGO. Smith Partners Wealth Management LLC acquired a new position in shares of Broadcom in the 3rd quarter valued at about $284,000. Maryland State Retirement & Pension System boosted its holdings in shares of Broadcom by 23.1% during the third quarter. Maryland State Retirement & Pension System now owns 307,833 shares of the semiconductor manufacturer’s stock worth $108,108,000 after purchasing an additional 57,690 shares during the period. Ritholtz Wealth Management boosted its holdings in shares of Broadcom by 1.5% during the third quarter. Ritholtz Wealth Management now owns 103,904 shares of the semiconductor manufacturer’s stock worth $36,490,000 after purchasing an additional 1,510 shares during the period. UNIVEST FINANCIAL Corp boosted its holdings in shares of Broadcom by 5.5% during the third quarter. UNIVEST FINANCIAL Corp now owns 148,026 shares of the semiconductor manufacturer’s stock worth $51,985,000 after purchasing an additional 7,752 shares during the period. Finally, NBH Bank grew its position in Broadcom by 3.8% during the third quarter. NBH Bank now owns 6,223 shares of the semiconductor manufacturer’s stock valued at $2,185,000 after purchasing an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 4.8%

Broadcom stock opened at $347.01 on Friday. The company has a market capitalization of $1.66 trillion, a P/E ratio of 44.32 and a beta of 1.49. The firm’s fifty day simple moving average is $345.39 and its 200-day simple moving average is $366.55. 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 Inc. has a 1-year low of $289.77 and a 1-year high of $495.00.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to analysts’ expectations of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. Broadcom’s revenue for the quarter was up 85.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.69 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 10.20 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. Shareholders of record on Monday, September 21st were given a $0.65 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom’s payout ratio is currently 33.21%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AVGO shares. Fox Advisors upgraded shares of Broadcom to an “outperform” rating in a research report on Thursday, September 3rd. Arete Research boosted their price target on shares of Broadcom from $488.00 to $530.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Oppenheimer started coverage on shares of Broadcom in a report on Tuesday, October 27th. They set a “buy” rating on the stock. William Blair downgraded shares of Broadcom from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 27th. Finally, Wall Street Zen lowered Broadcom from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $525.19.

Recent Broadcom Headlines

Investors following AVGO have been watching these headlines:

• Positive Sentiment: Despite Rothschild & Co Redburn’s downgrade, the articles note that Wall Street’s average price target remains around $533, above the firm’s new $398 target. This suggests some analysts still see substantial upside. Is Rothschild & Co Redburn Wrong to Give Up on Broadcom?
• Neutral Sentiment: Broadcom had recently rallied as investors considered whether NVIDIA’s leadership turmoil could redirect demand to rival chipmakers. NVIDIA’s rebound on Friday, however, prompted some investors to reassess that rotation. AMD, Broadcom stocks fall as Nvidia rebounds
• Negative Sentiment: Rothschild & Co Redburn cut AVGO to Neutral from Buy and lowered its price target by 33%, from $595 to $398. It flagged risk from Broadcom’s growing exposure to AI financing arrangements, including reliance on AI companies such as Anthropic and OpenAI that are not yet self-funding. Broadcom stock falls as firm flags AI financing risks

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.