Sky Investment Group LLC Buys 7,046 Shares of Broadcom Inc. $AVGO

Sky Investment Group LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 59.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,871 shares of the semiconductor manufacturer’s stock after acquiring an additional 7,046 shares during the period. Sky Investment Group LLC’s holdings in Broadcom were worth $7,128,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Bank of America Corp DE raised its position in shares of Broadcom by 1.5% in the 1st quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer’s stock worth $18,179,719,000 after acquiring an additional 894,564 shares in the last quarter. Bartlett & CO. Wealth Management LLC boosted its position in shares of Broadcom by 129.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 110,048 shares of the semiconductor manufacturer’s stock valued at $34,061,000 after purchasing an additional 62,050 shares in the last quarter. First Bank & Trust boosted its position in shares of Broadcom by 17.2% during the 2nd quarter. First Bank & Trust now owns 10,503 shares of the semiconductor manufacturer’s stock valued at $3,968,000 after purchasing an additional 1,545 shares in the last quarter. Fifth Lane Capital LP grew its stake in Broadcom by 77.8% during the fourth quarter. Fifth Lane Capital LP now owns 4,000 shares of the semiconductor manufacturer’s stock worth $1,384,000 after purchasing an additional 1,750 shares during the period. Finally, Wealthcare Capital Partners LLC grew its stake in Broadcom by 36.4% during the second quarter. Wealthcare Capital Partners LLC now owns 4,407 shares of the semiconductor manufacturer’s stock worth $1,665,000 after purchasing an additional 1,176 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AVGO shares. Weiss Ratings downgraded Broadcom from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 30th. Jefferies Financial Group set a $550.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Thursday, June 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $525.00 price objective on shares of Broadcom in a research note on Thursday, June 4th. Bank of America boosted their target price on shares of Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Dbs Bank raised shares of Broadcom to a “moderate buy” rating in a research note on Thursday, June 18th. Twenty-eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $493.24.

Broadcom Stock Down 5.9%

Shares of NASDAQ:AVGO opened at $393.05 on Friday. The business’s 50 day simple moving average is $389.79 and its two-hundred day simple moving average is $373.30. The firm has a market cap of $1.87 trillion, a P/E ratio of 65.51, a PEG ratio of 0.80 and a beta of 1.45. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a 52-week low of $281.87 and a 52-week high of $495.00.

Broadcom (NASDAQ:AVGO) last released 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 quarter in the previous year, the company posted $1.58 earnings per share. The company’s quarterly revenue was up 47.9% on a year-over-year basis. As a group, research analysts forecast that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were given a $0.65 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 1,602 shares of the firm’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total value of $598,923.72. Following the transaction, the director directly owned 17,426 shares of the company’s stock, valued at approximately $6,514,884.36. This trade represents a 8.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harry L. You acquired 1,000 shares of Broadcom stock in a transaction dated Thursday, June 11th. The shares were acquired at an average price of $373.57 per share, with a total value of $373,570.00. Following the completion of the acquisition, the director directly owned 38,466 shares of the company’s stock, valued at approximately $14,369,743.62. The trade was a 2.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have sold 61,644 shares of company stock worth $24,016,214. Company insiders own 1.90% of the company’s stock.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s custom-silicon and XPU opportunity remains a key long-term catalyst. Analysts and commentators point to accelerating AI infrastructure spending, major customer agreements, and potential growth in custom chips and networking. Broadcom: XPU Growth Trajectory Underestimated, Stock A Bargain
• Positive Sentiment: Wall Street’s average price target implies substantial upside from recent trading levels, supporting the bullish view that the market may be underestimating Broadcom’s AI growth trajectory. Broadcom is Down Over 3 Months: One Wall Street Pro Sees 60%+ Gains Ahead
• Positive Sentiment: Continued institutional interest, including purchases by GAMCO Investors and Cathie Wood’s reported investment, provides some additional support for the stock’s long-term AI investment case. Cathie Wood buys $16.2 million of Broadcom

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.