Contour Asset Management LLC Sells 113,797 Shares of Broadcom Inc. $AVGO

Contour Asset Management LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 37.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 192,946 shares of the semiconductor manufacturer’s stock after selling 113,797 shares during the quarter. Broadcom makes up 1.6% of Contour Asset Management LLC’s holdings, making the stock its 21st biggest holding. Contour Asset Management LLC’s holdings in Broadcom were worth $66,779,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. City National Bank of Florida MSD grew its holdings in Broadcom by 21.0% during the 4th quarter. City National Bank of Florida MSD now owns 3,836 shares of the semiconductor manufacturer’s stock worth $1,328,000 after acquiring an additional 667 shares during the last quarter. Clough Capital Partners L P raised its stake in shares of Broadcom by 4.6% during the fourth quarter. Clough Capital Partners L P now owns 101,175 shares of the semiconductor manufacturer’s stock valued at $35,017,000 after acquiring an additional 4,480 shares during the last quarter. Asset One Wealth Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at $4,826,000. Bamco Inc. NY lifted its holdings in shares of Broadcom by 8.1% during the fourth quarter. Bamco Inc. NY now owns 537,840 shares of the semiconductor manufacturer’s stock worth $186,146,000 after purchasing an additional 40,441 shares during the period. Finally, Banco Bilbao Vizcaya Argentaria S.A. grew its stake in shares of Broadcom by 32.7% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 874,300 shares of the semiconductor manufacturer’s stock worth $302,826,000 after purchasing an additional 215,411 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: JPMorgan reiterated a bullish stance on Broadcom, saying the market may be underestimating its long-term AI opportunity and calling the shares attractive at current levels. Barrons article
• Positive Sentiment: Other coverage highlighted Broadcom’s “massive AI pipeline” and the company’s growing role in AI infrastructure, reinforcing expectations for multi-year revenue growth. Benzinga article
• Positive Sentiment: Broadcom announced pricing terms for cash tender offers to repurchase portions of its outstanding debt, a move that can support balance-sheet management and financial flexibility. PR Newswire article
• Neutral Sentiment: Commentary on Broadcom’s latest quarter noted strong AI-chip demand and revenue growth, but also pointed to gross margin pressure and cautious guidance, which may be keeping some investors from getting more aggressive. Zacks article
• Negative Sentiment: Some broader AI-stock commentary has compared today’s AI capex boom to the dot-com era, renewing valuation and cycle-risk concerns across the sector that could weigh on sentiment for AVGO. 247WallSt article

Insider Activity

In related news, insider S. Ram Velaga sold 17,260 shares of the business’s stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $352.12, for a total transaction of $6,077,591.20. Following the transaction, the insider owned 65,932 shares in the company, valued at $23,215,975.84. The trade was a 20.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $358.31, for a total transaction of $358,310.00. Following the transaction, the director directly 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 disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 51,233 shares of company stock worth $18,125,134. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of a number of recent research reports. Seaport Research Partners restated a “neutral” rating on shares of Broadcom in a report on Wednesday, April 8th. Susquehanna reiterated a “positive” rating and issued a $490.00 price target (up from $450.00) on shares of Broadcom in a research report on Thursday, May 28th. Wall Street Zen upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Monday. Oppenheimer reaffirmed an “outperform” rating and issued a $535.00 price objective (up from $450.00) on shares of Broadcom in a research note on Thursday, June 4th. Finally, Jefferies Financial Group set a $550.00 target price on Broadcom and gave the company a “buy” rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $490.13.

Broadcom Stock Performance

Shares of Broadcom stock opened at $392.90 on Thursday. The business has a 50-day moving average price of $408.66 and a two-hundred day moving average price of $363.11. Broadcom Inc. has a 1-year low of $244.17 and a 1-year high of $495.00. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. The company has a market cap of $1.87 trillion, a P/E ratio of 65.48, a PEG ratio of 0.66 and a beta of 1.41.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS 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 company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same quarter in the prior year, the company earned $1.58 EPS. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

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

About Broadcom

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.