SHP Wealth Management Invests $2.71 Million in Broadcom Inc. $AVGO

SHP Wealth Management acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 7,833 shares of the semiconductor manufacturer’s stock, valued at approximately $2,711,000.

Several other hedge funds have also added to or reduced their stakes in AVGO. Brown Brothers Harriman & Co. boosted its holdings in Broadcom by 10.7% in the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after acquiring an additional 7,499 shares during the last quarter. Dana Investment Advisors Inc. increased its position in Broadcom by 2.6% during the 3rd quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer’s stock valued at $57,325,000 after purchasing an additional 4,442 shares during the period. Sovran Advisors LLC raised its holdings in Broadcom by 121.3% during the 4th quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer’s stock worth $10,507,000 after purchasing an additional 16,789 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Broadcom by 406.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer’s stock worth $4,151,000 after purchasing an additional 9,624 shares during the last quarter. Finally, Siligmueller & Norvid Wealth Advisors LLC acquired a new position in shares of Broadcom in the 3rd quarter worth approximately $762,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVGO. Benchmark upped their price objective on shares of Broadcom from $485.00 to $545.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Citigroup reissued a “buy” rating on shares of Broadcom in a research note on Thursday, June 4th. UBS Group set a $485.00 target price on shares of Broadcom and gave the company a “buy” rating in a report on Thursday, June 4th. KeyCorp reaffirmed an “overweight” rating and set a $575.00 price target (up from $500.00) on shares of Broadcom in a research report on Thursday, June 4th. Finally, Mizuho increased their price target on Broadcom from $480.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $490.13.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom’s Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn’t Make Sense.’ Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Insider Buying and Selling at Broadcom

In other news, insider S. Ram Velaga sold 17,260 shares of the business’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $352.12, for a total transaction of $6,077,591.20. Following the completion of the sale, the insider owned 65,932 shares in the company, valued at $23,215,975.84. The trade was a 20.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 4,825 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $394.91, for a total value of $1,905,440.75. Following the completion of the transaction, the insider owned 269,989 shares in the company, valued at approximately $106,621,355.99. This represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 59,385 shares of company stock worth $21,301,057 in the last quarter. Company insiders own 1.90% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $411.35 on Friday. 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 firm has a market cap of $1.96 trillion, a PE ratio of 68.56, a P/E/G ratio of 0.72 and a beta of 1.41. The company’s fifty day simple moving average is $411.42 and its 200 day simple moving average is $363.50. Broadcom Inc. has a 12-month low of $244.17 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. During the same period in the previous year, the firm posted $1.58 earnings per share. The business’s revenue was up 47.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 22nd. Broadcom’s payout ratio is presently 43.33%.

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.