Broadcom Inc. $AVGO is Rockefeller Capital Management L.P.’s 7th Largest Position

Rockefeller Capital Management L.P. decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,856,066 shares of the semiconductor manufacturer’s stock after selling 5,979 shares during the period. Broadcom accounts for 1.8% of Rockefeller Capital Management L.P.’s investment portfolio, making the stock its 7th largest holding. Rockefeller Capital Management L.P.’s holdings in Broadcom were worth $988,485,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of AVGO. Norges Bank acquired a new position in Broadcom in the fourth quarter valued at $24,252,196,000. Cardano Risk Management B.V. increased its position in shares of Broadcom by 895.2% during the fourth quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer’s stock worth $4,391,940,000 after purchasing an additional 11,414,701 shares in the last quarter. State Street Corp lifted its holdings in shares of Broadcom by 2.7% in the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock valued at $65,788,194,000 after purchasing an additional 5,040,801 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Broadcom by 499.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock valued at $1,858,789,000 after purchasing an additional 4,694,313 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Broadcom by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after purchasing an additional 3,919,715 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO stock opened at $411.35 on Monday. The stock has a market capitalization of $1.96 trillion, a PE ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. Broadcom Inc. has a 52-week low of $244.17 and a 52-week high of $495.00. The stock’s 50-day moving average price is $411.42 and its 200 day moving average price is $363.34. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data 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 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 prior year, the business earned $1.58 EPS. The firm’s revenue was up 47.9% compared to the same quarter last year. As a group, equities research analysts forecast that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, June 22nd. Broadcom’s dividend payout ratio is 43.33%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AVGO shares. DA Davidson raised their price target on Broadcom from $375.00 to $400.00 and gave the stock a “neutral” rating in a research note on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the company an “overweight” rating in a research note on Thursday, June 4th. Mizuho increased their price objective on Broadcom from $480.00 to $530.00 and gave the company an “outperform” rating in a report on Thursday, June 4th. Zacks Research cut shares of Broadcom from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 21st. Finally, Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Friday, June 5th. One investment 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 company. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $490.13.

Insider Activity

In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total value of $3,452,300.00. Following the transaction, the insider directly owned 787,184 shares in the company, valued at $271,759,532.32. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harry L. You acquired 1,000 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was purchased at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the completion of the purchase, the director directly owned 38,466 shares in the company, valued at $14,369,743.62. This trade represents a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 59,385 shares of company stock valued at $21,301,057. 1.90% of the stock is currently owned by company insiders.

Broadcom News Summary

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.

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.