Zweig DiMenna Associates LLC Sells 142,780 Shares of Broadcom Inc. $AVGO

Zweig DiMenna Associates LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 67.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,600 shares of the semiconductor manufacturer’s stock after selling 142,780 shares during the quarter. Broadcom makes up about 3.0% of Zweig DiMenna Associates LLC’s investment portfolio, making the stock its 9th biggest position. Zweig DiMenna Associates LLC’s holdings in Broadcom were worth $21,542,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of AVGO. ROSS JOHNSON & Associates LLC boosted its holdings in shares of Broadcom by 1,320.0% in the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 66 shares in the last quarter. Networth Advisors LLC increased its holdings in Broadcom by 546.2% during the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 71 shares in the last quarter. SWAN Capital LLC increased its holdings in Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 55 shares in the last quarter. Miller Global Investments LLC bought a new position in Broadcom in the 4th quarter valued at $31,000. Finally, Nvest Wealth Strategies Inc. bought a new position in Broadcom in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVGO. UBS Group set a $485.00 target price on Broadcom and gave the stock a “buy” rating in a report on Thursday, June 4th. Bank of America upped their price target on shares of Broadcom from $450.00 to $530.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Evercore reissued an “outperform” rating and set a $582.00 price objective on shares of Broadcom in a report on Tuesday, May 19th. KeyCorp restated an “overweight” rating and issued a $575.00 price objective (up from $500.00) on shares of Broadcom in a research report on Thursday, June 4th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $525.00 target price on shares of Broadcom in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $493.24.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Standard Chartered chose Broadcom to support a long-term modernization of its global banking infrastructure, underscoring Broadcom’s role in secure private-cloud and enterprise networking solutions. Standard Chartered Selects Broadcom to Deliver Secure, Always-On Banking Services at Global Scale
• Positive Sentiment: Wall Street commentary continues to describe Broadcom as a core AI beneficiary, and some analysts have raised price targets even after the stock pullback. As Shares Fall, Analyst Are Boosting Their Broadcom Price Targets
• Neutral Sentiment: Broadcom remains a major talking point in AI-focused market coverage, with some investors viewing it as an indicator for the broader market and semiconductor cycle. Jim Cramer Says Broadcom Will Tell You When the Market Is About to Turn
• Negative Sentiment: Broadcom is facing renewed skepticism around valuation, with one report asking whether the AI story has made the stock too expensive. Has Broadcom Become Too Expensive for Its AI Story?
• Negative Sentiment: The stock is also being hit by a broader selloff in semiconductor names as investors rotate away from AI-capex winners and worry about a slowdown in chip spending. Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide
• Negative Sentiment: Broadcom is also dealing with regulatory uncertainty after reports said it faces an EU antitrust review tied to VMware licensing changes. Broadcom (AVGO) Faces EU Antitrust Review Over VMware Licensing Changes

Broadcom Price Performance

Broadcom stock opened at $370.83 on Friday. The business’s 50-day simple moving average is $401.29 and its 200 day simple moving average is $365.31. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.76 trillion, a price-to-earnings ratio of 61.81, a P/E/G ratio of 0.65 and a beta of 1.45. Broadcom Inc. has a 12-month low of $273.00 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last released its earnings results 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. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company’s revenue was up 47.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.58 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders 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 dividend on an annualized basis and a yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 1,602 shares of the company’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total transaction of $598,923.72. Following the completion of the sale, the director owned 17,426 shares in the company, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gayla J. Delly sold 1,890 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total value of $728,368.20. Following the completion of the transaction, the director directly owned 31,326 shares in the company, valued at approximately $12,072,413.88. This trade represents a 5.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 61,644 shares of company stock worth $24,016,214 over the last quarter. 1.90% of the stock is currently owned by insiders.

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.