Glass Wealth Management Co LLC Trims Stock Position in Broadcom Inc. $AVGO

Glass Wealth Management Co LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.4% during the first quarter, Holdings Channel.com reports. The fund owned 92,025 shares of the semiconductor manufacturer’s stock after selling 2,223 shares during the period. Broadcom comprises about 11.0% of Glass Wealth Management Co LLC’s holdings, making the stock its largest holding. Glass Wealth Management Co LLC’s holdings in Broadcom were worth $28,483,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC increased its holdings in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after purchasing an additional 756 shares in the last quarter. United Bank raised its position in Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock valued at $392,000 after buying an additional 1,014 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Broadcom by 10.1% in the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer’s stock valued at $3,499,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Capital & Planning LLC lifted its position in Broadcom by 10.5% during the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer’s stock worth $1,098,000 after buying an additional 378 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 1.3%

NASDAQ:AVGO opened at $389.11 on Wednesday. The company has a market cap of $1.85 trillion, a PE ratio of 64.85, a P/E/G ratio of 0.67 and a beta of 1.45. The firm’s 50 day simple moving average is $403.86 and its 200 day simple moving average is $364.80. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. Broadcom Inc. has a one year low of $273.00 and a one year high of $495.00.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.04. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm’s revenue was up 47.9% compared to the same quarter last year. During the same period last year, the company earned $1.58 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were given a dividend of $0.65 per share. 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 is 43.33%.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Evercore ISI said Broadcom’s multiyear agreement with Apple is strategically positive, as it strengthens Apple’s AI compute silicon efforts and extends Broadcom’s role as a key custom-chip partner. Broadcom Inc. (AVGO) Agreement a Strategic Positive for Apple, says Evercore ISI
• Positive Sentiment: Reports say Broadcom secured its role as a key Apple supplier through 2031, giving investors more confidence in a long-duration revenue stream. Broadcom Inc. (AVGO) Secures Role as Key Apple Supplier with Chip Deal through 2031
• Positive Sentiment: Morgan Stanley described Broadcom as a “core AI winner,” keeping the stock in focus as one of the main beneficiaries of AI infrastructure spending. Broadcom is a ‘core AI winner,’ even as MediaTek encroaches, Morgan Stanley says
• Neutral Sentiment: Additional commentary highlighted Broadcom as a major AI stock and a possible outperformer versus other chip names, which adds to the bullish narrative but does not change the near-term business outlook directly. Is Broadcom Inc. (AVGO) a Buy as Wall Street Analysts Look Optimistic?
• Negative Sentiment: There was also an insider-selling headline, which can weigh on sentiment even if it does not necessarily reflect a change in the company’s fundamentals. Insider Selling: Broadcom (NASDAQ:AVGO) Insider Sells $9,479,750.00 in Stock

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Truist Financial upped their price objective on Broadcom from $545.00 to $550.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. UBS Group set a $485.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Thursday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $525.00 price target on shares of Broadcom in a research report on Thursday, June 4th. Citigroup reaffirmed a “buy” rating on shares of Broadcom in a report on Thursday, June 4th. Finally, TD Cowen restated a “buy” rating and issued a $500.00 target price on shares of Broadcom in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $493.24.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $401.33, for a total value of $10,033,250.00. Following the completion of the sale, the insider directly owned 194,989 shares in the company, valued at approximately $78,254,935.37. This trade represents a 11.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry L. You bought 1,000 shares of Broadcom stock in a transaction dated Thursday, June 11th. The stock was purchased at an average price of $373.57 per share, with a total value of $373,570.00. Following the completion of the purchase, the director owned 38,466 shares in the company, valued at $14,369,743.62. This trade represents a 2.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 61,644 shares of company stock worth $24,016,214 in the last quarter. 1.90% of the stock is currently owned by company insiders.

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.