Broadcom Inc. $AVGO Shares Purchased by Legacy Trust

Legacy Trust grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 80.6% in the third quarter, Holdings Channel reports. The institutional investor owned 10,170 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,538 shares during the period. Legacy Trust’s holdings in Broadcom were worth $3,316,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Core Capital Management & Research inc. bought a new position in Broadcom in the 2nd quarter valued at about $31,000. DecisionPoint Financial LLC increased its holdings in Broadcom by 101.9% during the 3rd quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 53 shares in the last quarter. Harborfront Financial Group LLC bought a new stake in Broadcom during the 2nd quarter worth approximately $38,000. Align Financial LLC raised its stake in shares of Broadcom by 67.2% in the third quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 45 shares during the last quarter. Finally, Curry Webb Wealth Management LLC purchased a new stake in shares of Broadcom in the third quarter worth approximately $41,000. 76.43% of the stock is owned by institutional investors.

Broadcom News Summary

Here’s some of the latest news about AVGO:

• Positive Sentiment: Broadcom could benefit as cloud providers diversify beyond NVIDIA and invest in custom AI chips. The company designs custom ASICs for hyperscalers, and Anthropic’s disclosed spending commitments have been cited as support for Broadcom’s growth outlook. Anthropic’s S-1 strengthens the case for Broadcom’s AI growth
• 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

Broadcom Stock Performance

Broadcom stock traded down $17.35 during trading on Friday, hitting $347.01. The stock had a trading volume of 31,579,948 shares, compared to its average volume of 26,761,208. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1.66 trillion, a price-to-earnings ratio of 44.32 and a beta of 1.49. Broadcom Inc. has a 1 year low of $289.77 and a 1 year high of $495.00. The stock’s 50 day moving average is $345.39 and its two-hundred day moving average is $366.55.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, topping the consensus estimate of $3.22 by $0.10. The company had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm’s revenue for the quarter was up 85.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.69 EPS. As a group, analysts predict that Broadcom Inc. will post 10.20 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. Broadcom’s dividend payout ratio is 33.21%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AVGO. DA Davidson upgraded Broadcom from a “neutral” rating to a “buy” rating and raised their target price for the company from $350.00 to $400.00 in a report on Tuesday, October 27th. President Capital raised their price target on shares of Broadcom from $520.00 to $546.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. HSBC dropped their price target on Broadcom from $600.00 to $560.00 and set a “buy” rating on the stock in a report on Thursday, September 3rd. BMO Capital Markets boosted their price objective on Broadcom from $455.00 to $575.00 and gave the stock an “outperform” rating in a research report on Thursday, September 3rd. Finally, Sanford C. Bernstein restated a “buy” rating on shares of Broadcom in a research note on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $525.19.

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.