Broadcom Inc. $AVGO Stock Sold by TrinityBridge Ltd

TrinityBridge Ltd trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 34.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 318,580 shares of the semiconductor manufacturer’s stock after selling 164,971 shares during the period. Broadcom accounts for 3.3% of TrinityBridge Ltd’s holdings, making the stock its 8th largest position. TrinityBridge Ltd’s holdings in Broadcom were worth $111,874,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. State Street Corp increased its stake in 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 acquiring an additional 16,651,378 shares during the period. Bank of America Corp DE lifted its position in shares of Broadcom by 4.6% during 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 period. Wellington Management Group LLP lifted its position in shares of Broadcom by 3.8% during 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of 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 during the period. Finally, Legal & General Group Plc acquired a new stake in shares of Broadcom during the 2nd quarter worth $11,998,148,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

NASDAQ AVGO traded up $2.16 on Friday, hitting $293.69. 32,366,942 shares of the company’s stock were exchanged, compared to its average volume of 22,165,412. The stock has a 50-day moving average of $347.89 and a 200-day moving average of $366.17. The stock has a market cap of $1.40 trillion, a price-to-earnings ratio of 37.51 and a beta of 1.49. Broadcom Inc. has a 52 week low of $289.77 and a 52 week high of $495.00. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57.

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.9%. Broadcom’s dividend payout ratio (DPR) is 33.21%.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. HSBC decreased their price target on Broadcom from $600.00 to $560.00 and set a “buy” rating on the stock in a research report on Thursday, September 3rd. Arete Research upped their price objective on shares of Broadcom from $488.00 to $530.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Tigress Financial began coverage on shares of Broadcom in a research note on Thursday, October 22nd. They set a “buy” rating and a $600.00 price objective on the stock. William Blair downgraded shares of Broadcom from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 27th. Finally, Wedbush started coverage on shares of Broadcom in a report on Tuesday, October 27th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $530.52.

Broadcom Company Profile

Broadcom Inc is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics.

Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.