Hardy Reed LLC Raises Stock Position in Broadcom Inc. $AVGO

Hardy Reed LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 16.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,716 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,236 shares during the quarter. Hardy Reed LLC’s holdings in Broadcom were worth $4,864,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Broadcom during the fourth quarter worth $24,252,196,000. Cardano Risk Management B.V. boosted its holdings in Broadcom by 895.2% in the fourth quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer’s stock valued at $4,391,940,000 after purchasing an additional 11,414,701 shares during the period. State Street Corp boosted its holdings in Broadcom by 2.7% in the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock valued at $65,788,194,000 after purchasing an additional 5,040,801 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Broadcom by 499.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock worth $1,858,789,000 after purchasing an additional 4,694,313 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Broadcom by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock worth $167,064,997,000 after purchasing an additional 3,919,715 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Apple’s multiyear agreement to buy more than $30 billion of Broadcom chips through 2031 reinforces demand for Broadcom’s custom silicon and U.S. manufacturing strategy. Reuters: Apple to spend $30 billion in Broadcom chips deal that will see Colorado factory expand
• Positive Sentiment: Wall Street remains upbeat on Broadcom’s AI chip momentum, with Jefferies reiterating a Buy rating and a $550 price target on improving AI-related growth prospects. Broadcom’s (AVGO) AI Chip Momentum Keeps Wall Street Bullish
• Positive Sentiment: Broader semiconductor sentiment improved as the AI trade rebounded, with analysts and market commentators viewing the recent selloff as a buying opportunity for chip stocks like Broadcom. Broadcom, Intel, Corning, Marvell, and More Stocks That Explain Today’s Market
• Neutral Sentiment: Zacks highlighted Broadcom as a dividend-paying AI infrastructure name, underscoring its mix of income and AI exposure, but this was more of a stock-picking view than a new company-specific catalyst. These Dividend Paying Stocks Offer Strong Exposure to AI Trends
• Negative Sentiment: Erste Group downgraded Broadcom to Hold, citing valuation concerns, which may temper some of the enthusiasm after the recent rally. Erste Group downgrades Broadcom to Hold citing valuation concerns

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Susquehanna reaffirmed a “positive” rating and issued a $490.00 price target (up from $450.00) on shares of Broadcom in a research report on Thursday, May 28th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the stock an “overweight” rating in a research report on Thursday, June 4th. The Goldman Sachs Group restated a “buy” rating and set a $525.00 target price on shares of Broadcom in a research note on Thursday, June 4th. Zacks Research cut shares of Broadcom from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 21st. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $545.00 price target (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $493.24.

Broadcom Price Performance

AVGO stock opened at $401.11 on Friday. The business has a 50 day moving average price of $405.40 and a 200 day moving average price of $363.87. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.91 trillion, a price-to-earnings ratio of 66.85, a PEG ratio of 0.68 and a beta of 1.45. Broadcom Inc. has a fifty-two week low of $269.58 and a fifty-two week high of $495.00.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results 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 net margin of 38.85% and a return on equity of 41.61%. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same period in the prior year, the firm posted $1.58 earnings per share. The firm’s revenue was up 47.9% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Insider Activity at Broadcom

In related news, Director Justine Page sold 1,602 shares of Broadcom stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total transaction of $598,923.72. Following the sale, the director directly owned 17,426 shares in the company, valued at $6,514,884.36. This trade represents a 8.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry L. You purchased 1,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 11th. The stock was bought at an average cost of $373.57 per share, with a total value of $373,570.00. Following the completion of the transaction, the director owned 38,466 shares of the company’s stock, valued at $14,369,743.62. The trade was a 2.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 9,754 shares of company stock valued at $3,774,846 in the last ninety days. Insiders own 1.90% of the company’s stock.

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.