Thryve Wealth Management LLC Takes Position in Broadcom Inc. $AVGO

Thryve Wealth Management LLC acquired a new position in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,638 shares of the semiconductor manufacturer’s stock, valued at approximately $913,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. ROSS JOHNSON & Associates LLC boosted its stake in Broadcom by 1,320.0% during the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 66 shares during the period. SWAN Capital LLC grew its stake in Broadcom by 261.9% in the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 55 shares in the last quarter. Miller Global Investments LLC bought a new position in Broadcom in the fourth quarter worth approximately $31,000. Nvest Wealth Strategies Inc. bought a new position in shares of Broadcom during the 4th quarter worth $33,000. Finally, Family CFO Inc bought a new position in Broadcom during the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AVGO shares. Truist Financial lifted their target price on Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Citigroup restated a “buy” rating on shares of Broadcom in a research note on Thursday, June 4th. Mizuho raised their price target on shares of Broadcom from $480.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the company an “overweight” rating in a report on Thursday, June 4th. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $545.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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 Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 4,825 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $394.91, for a total transaction of $1,905,440.75. Following the completion of the transaction, the insider directly owned 269,989 shares of the company’s stock, valued at $106,621,355.99. This represents a 1.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 59,385 shares of company stock worth $21,301,057. 1.90% of the stock is owned by company insiders.

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. Broadcom Inc. has a 52-week low of $244.17 and a 52-week high of $495.00. The business has a fifty day moving average of $411.42 and a two-hundred day moving average of $363.50. The stock has a market cap of $1.96 trillion, a P/E ratio of 68.56, a PEG ratio of 0.72 and a beta of 1.41.

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

Broadcom Dividend Announcement

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

Broadcom 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.