Broadcom Inc. $AVGO Stock Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 19.9% in the 3rd quarter, Holdings Channel reports. The firm owned 1,680,183 shares of the semiconductor manufacturer’s stock after selling 416,239 shares during the quarter. Broadcom accounts for approximately 1.7% of Retirement Systems of Alabama’s portfolio, making the stock its 9th biggest position. Retirement Systems of Alabama’s holdings in Broadcom were worth $590,063,000 as of its most recent filing with the Securities & Exchange Commission.

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

Top Broadcom Stories

These are some of the AVGO stories that stood out recently:

• Positive Sentiment: Analysts say Google’s latest TPU developments reinforce Broadcom’s central role in custom AI chips, supporting expectations for ongoing demand from major technology customers. Google’s latest TPUs show Broadcom remains central: JPM
• Positive Sentiment: Coverage of Anthropic points to substantial cash and rising revenue as support for its large commitment involving Broadcom, bolstering confidence in the AI partnership and related chip demand. Anthropic’s S-1 Strengthens the Case for Broadcom’s AI Growth
• Neutral Sentiment: Some commentary views Broadcom as a potential beneficiary of continued AI investment, while noting that its shares have retreated from earlier highs. Am I Buying the Dip in Broadcom Stock?

Broadcom Stock Up 4.0%

AVGO opened at $345.22 on Thursday. 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 firm has a market cap of $1.65 trillion, a P/E ratio of 44.09 and a beta of 1.49. Broadcom Inc. has a 52 week low of $289.77 and a 52 week high of $495.00. The business’s fifty day simple moving average is $345.65 and its 200 day simple moving average is $366.28.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping analysts’ consensus estimates of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm had revenue of $29.59 billion during the quarter, compared to analysts’ expectations of $29.24 billion. During the same quarter last year, the business posted $1.69 EPS. The firm’s quarterly revenue was up 85.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were given a dividend of $0.65 per share. The ex-dividend date was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is 33.21%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on AVGO shares. Royal Bank Of Canada initiated coverage on Broadcom in a report on Thursday, September 3rd. They issued an “outperform” rating on the stock. KeyCorp reaffirmed an “overweight” rating and set a $575.00 price objective on shares of Broadcom in a report on Thursday, September 3rd. William Blair cut Broadcom from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 27th. Truist Financial decreased their target price on Broadcom from $550.00 to $520.00 and set a “buy” rating on the stock in a research report on Thursday, September 3rd. Finally, Jefferies Financial Group initiated coverage on Broadcom in a report on Thursday, September 3rd. They issued a “buy” rating and a $550.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $530.52.

Broadcom Profile

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.