7,051 Broadcom Inc. $AVGO Shares Bought by Summit Wealth Group LLC Co.

Summit Wealth Group LLC Co. raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 139.0% in the third quarter, HoldingsChannel.com reports. The fund owned 12,122 shares of the semiconductor manufacturer’s stock after purchasing an additional 7,051 shares during the quarter. Summit Wealth Group LLC Co.’s holdings in Broadcom were worth $4,257,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp raised its stake in Broadcom by 8.7% in the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock valued at $75,367,711,000 after purchasing an additional 16,651,378 shares during the last quarter. Bank of America Corp DE lifted its holdings in Broadcom by 4.6% in the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock valued at $23,202,543,000 after purchasing an additional 2,685,916 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Broadcom by 3.8% in the 2nd quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock valued at $19,484,611,000 after purchasing an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Broadcom by 2.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer’s stock valued at $15,178,195,000 after purchasing an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Broadcom during the 2nd quarter worth about $11,998,148,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Down 10.4%

AVGO opened at $291.53 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. The stock has a market capitalization of $1.39 trillion, a price-to-earnings ratio of 37.23 and a beta of 1.49. The business has a 50-day moving average of $349.45 and a two-hundred day moving average of $366.37. Broadcom Inc. has a 12 month low of $289.96 and a 12 month high of $495.00.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.10. The company had revenue of $29.59 billion during the quarter, compared to the consensus estimate of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The company’s quarterly revenue was up 85.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.69 EPS. On average, research analysts expect that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Monday, September 21st. Broadcom’s payout ratio is presently 33.21%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on AVGO shares. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $525.00 to $540.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Citic Securities upgraded shares of Broadcom to a “buy” rating and raised their target price for the stock from $450.00 to $525.00 in a research report on Tuesday, September 8th. Lake Street Capital raised shares of Broadcom to a “buy” rating in a research note on Thursday, September 3rd. Wall Street Zen downgraded Broadcom from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Finally, Royal Bank Of Canada initiated coverage on Broadcom in a report on Thursday, September 3rd. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $530.52.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue reached $16.7 billion last quarter, above its $16 billion target, and management expects higher AI revenue next quarter. That outlook supports the case that demand remains strong despite concerns about competition. Article: Is Broadcom Stock a Buy Now?
• Positive Sentiment: Broadcom was included on Bank of America’s “global defenders” list, while ETFs reportedly added about $267.7 million of AVGO shares on Nov. 2—potential signs of institutional interest. Article: BofA adds TSLA, AVGO, IBM, others to its global defenders list Article: 53 ETFs Add to Broadcom Holdings
• Neutral Sentiment: Some recent commentary sees a possible turning point, arguing that the disconnect between falling shares and fast-growing AI revenue may not persist. This is an analyst view, not a confirmed catalyst. Article: Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: The immediate headwind is a broader chip-stock rout, with investors increasingly worried that AI regulation and constraints on data-center development could curb future spending. Coverage also points to a Texas permit freeze as a potential source of uncertainty for AI infrastructure demand. Article: Broadcom Sinks as AI Regulation Fears Deepen Chip Rout Article: Steve Weiss Says the Midterms Just Put a Lid on AI Spending

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.