GRIMES & Co WEALTH MANAGEMENT LLC Has $27.45 Million Stock Holdings in Broadcom Inc. $AVGO

GRIMES & Co WEALTH MANAGEMENT LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 79,322 shares of the semiconductor manufacturer’s stock after selling 8,594 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Broadcom were worth $27,453,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. JCIC Asset Management Inc. acquired a new position in Broadcom during the third quarter worth $31,000. Miller Global Investments LLC acquired a new position in Broadcom during the fourth quarter worth $31,000. Nvest Wealth Strategies Inc. acquired a new position in Broadcom during the fourth quarter worth $33,000. Manning & Napier Advisors LLC acquired a new position in Broadcom during the third quarter worth $34,000. Finally, Family CFO Inc acquired a new position in Broadcom during the fourth quarter worth $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AVGO shares. Citigroup restated a “buy” rating and set a $500.00 price objective (up from $475.00) on shares of Broadcom in a report on Tuesday. Zacks Research upgraded shares of Broadcom from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 2nd. Seaport Research Partners reiterated a “neutral” rating on shares of Broadcom in a research note on Wednesday, April 8th. Morgan Stanley upped their target price on shares of Broadcom from $462.00 to $470.00 and gave the stock an “overweight” rating in a research note on Friday, March 6th. Finally, Mizuho reiterated an “outperform” rating and issued a $480.00 target price on shares of Broadcom in a research note on Thursday, April 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $439.97.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Wells Fargo and other analysts turned more bullish on Broadcom’s AI chip and data-center networking business, saying Wall Street may be underestimating demand from hyperscaler buildouts. Article Title
• Positive Sentiment: Broadcom is being framed as one of the main winners of the AI capital-spending cycle, with multiple articles highlighting accelerating custom AI silicon revenue and expectations for continued earnings growth into the next report. Article Title
• Positive Sentiment: Investor sentiment was also helped by major institutions and high-profile investors continuing to add to Broadcom positions, reinforcing the view that the AI thesis remains intact. Article Title
• Neutral Sentiment: Broadcom’s valuation remains elevated after its sharp run, so the stock may be sensitive to any sign that AI growth slows or expectations become too optimistic.
• Negative Sentiment: The company is also facing an EU antitrust lawsuit over VMware-related document requests, which adds a legal overhang even though it is not the main driver of today’s move. Article Title

Broadcom Stock Performance

NASDAQ AVGO opened at $439.79 on Friday. The firm has a market cap of $2.08 trillion, a price-to-earnings ratio of 85.90, a PEG ratio of 0.86 and a beta of 1.43. The company has a fifty day moving average price of $363.46 and a 200-day moving average price of $354.12. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. Broadcom Inc. has a 1 year low of $221.60 and a 1 year high of $442.36.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.02. The company had revenue of $19.31 billion during the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.60 earnings per share. As a group, equities research analysts predict that Broadcom Inc. will post 9.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were given a dividend of $0.65 per share. The ex-dividend date was Monday, March 23rd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom’s dividend payout ratio is presently 50.78%.

Insider Activity at Broadcom

In related news, insider S. Ram Velaga sold 38,841 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $12,491,265.60. Following the completion of the transaction, the insider owned 96,147 shares in the company, valued at approximately $30,920,875.20. This represents a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 36,292 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $11,671,507.20. Following the transaction, the chief financial officer owned 327,760 shares of the company’s stock, valued at approximately $105,407,616. The trade was a 9.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 324,282 shares of company stock worth $106,425,249 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.

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.