Broadcom Inc. $AVGO Stock Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.7% during the third quarter, Holdings Channel reports. The firm owned 443,809 shares of the semiconductor manufacturer’s stock after selling 7,698 shares during the quarter. Broadcom comprises approximately 1.7% of Pinnacle Associates Ltd.’s holdings, making the stock its 7th biggest position. Pinnacle Associates Ltd.’s holdings in Broadcom were worth $155,861,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. State Street Corp raised its stake in shares of Broadcom by 8.7% during the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock worth $75,367,711,000 after buying an additional 16,651,378 shares during the last quarter. Bank of America Corp DE grew its stake 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 acquiring an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP grew its stake 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 acquiring an additional 1,892,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Broadcom by 2.9% during 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 acquiring an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in Broadcom during the 2nd quarter valued at about $11,998,148,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: ETF investors bought approximately $89.8 million of Broadcom shares on October 21, signaling continued institutional demand. Broadcom Sees $89.8 Million in Net ETF Buying
• Positive Sentiment: Analysts continue to highlight Broadcom’s leadership in custom AI accelerators. Demand from major AI labs and hyperscalers, including Anthropic, OpenAI and Meta, supports management’s ambitious long-term AI semiconductor growth outlook. 3 Magnificent AI Chip Stocks
• Positive Sentiment: Tigress Financial initiated coverage with a Buy rating and a $600 price target, implying substantial upside from recent trading levels. Tigress Financial Broadcom Coverage
• Positive Sentiment: Broadcom launched Arcot Scam Defense, a real-time fraud-detection feature for digital payments. Strong initial pilot results could create incremental growth for its software and security businesses. Broadcom Debuts Arcot Scam Defense
• Neutral Sentiment: Broadcom remains the leading custom-chip design partner, but Alphabet is diversifying its TPU suppliers. Although Broadcom may lose market share, the overall AI accelerator market is expected to expand rapidly, potentially offsetting that loss. Broadcom AI Chip Business Risks
• Negative Sentiment: Investors are worried that customer-owned chip design and increased competition from MediaTek could reduce Broadcom’s role and margins in future AI programs. Alphabet’s supplier diversification is the clearest near-term risk. Broadcom AI Chip Business Risks
• Negative Sentiment: The broader market sell-off is weighing on AI stocks amid higher oil prices, inflation concerns and questions about whether massive data-center investments will generate sufficient returns. Technical commentary identifies the $320 area as an important support test. Broadcom Faces Critical $320 Test

Broadcom Stock Performance

NASDAQ:AVGO opened at $321.68 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 firm has a market cap of $1.54 trillion, a PE ratio of 41.08 and a beta of 1.46. The firm has a 50 day simple moving average of $356.05 and a 200-day simple moving average of $384.25. Broadcom Inc. has a 1-year low of $289.96 and a 1-year high of $495.00.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.22 by $0.10. The firm had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. Broadcom’s revenue was up 85.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.69 earnings per share. On average, equities analysts expect that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s dividend payout ratio is currently 33.21%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, September 3rd. Citic Securities raised shares of Broadcom to a “buy” rating and raised their price objective for the stock from $450.00 to $525.00 in a research note on Tuesday, September 8th. KeyCorp reaffirmed an “overweight” rating and issued a $575.00 target price on shares of Broadcom in a research note on Thursday, September 3rd. The Goldman Sachs Group increased their target price on Broadcom from $525.00 to $540.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Finally, Fox Advisors upgraded Broadcom to an “outperform” rating in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $529.17.

Broadcom Company 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.