Broadcom Inc. $AVGO Position Increased by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 404,900 shares of the semiconductor manufacturer’s stock after purchasing an additional 32,954 shares during the quarter. Broadcom makes up 2.0% of Crossmark Global Holdings Inc.’s portfolio, making the stock its 5th biggest holding. Crossmark Global Holdings Inc.’s holdings in Broadcom were worth $140,136,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Providence First Trust Co lifted its position in shares of Broadcom by 1,099.3% in the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after acquiring an additional 8,179 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Broadcom by 3.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer’s stock valued at $109,492,000 after acquiring an additional 10,786 shares in the last quarter. Lmcg Investments LLC increased its stake in Broadcom by 9.4% in the third quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer’s stock valued at $12,854,000 after purchasing an additional 3,357 shares during the last quarter. Wright Investors Service Inc. increased its stake in Broadcom by 5.4% in the third quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer’s stock valued at $13,909,000 after purchasing an additional 2,178 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in Broadcom by 10.7% in the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after purchasing an additional 7,499 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on AVGO shares. Mizuho reiterated an “outperform” rating and issued a $480.00 target price on shares of Broadcom in a research note on Thursday, April 16th. Erste Group Bank lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Truist Financial upped their target price on Broadcom from $510.00 to $545.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Zacks Research upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 2nd. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Broadcom in a research note on Wednesday, April 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $439.97.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $439.79 on Friday. The firm has a market capitalization of $2.08 trillion, a PE ratio of 85.90, a P/E/G ratio of 0.86 and a beta of 1.43. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. The business has a 50-day moving average of $363.46 and a two-hundred day moving average of $354.12. Broadcom Inc. has a 12 month low of $221.60 and a 12 month high of $442.36.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping the consensus estimate of $2.03 by $0.02. The company had revenue of $19.31 billion during the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm’s revenue was up 29.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.60 earnings per share. As a group, research analysts forecast that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were paid a dividend of $0.65 per share. The ex-dividend date was Monday, March 23rd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom’s dividend payout ratio is currently 50.78%.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Wells Fargo and other analysts turned more bullish on Broadcom’s AI chip and data-center networking business, saying Wall Street may be underestimating demand from hyperscaler buildouts. Article Title
• Positive Sentiment: Broadcom is being framed as one of the main winners of the AI capital-spending cycle, with multiple articles highlighting accelerating custom AI silicon revenue and expectations for continued earnings growth into the next report. Article Title
• Positive Sentiment: Investor sentiment was also helped by major institutions and high-profile investors continuing to add to Broadcom positions, reinforcing the view that the AI thesis remains intact. Article Title
• Neutral Sentiment: Broadcom’s valuation remains elevated after its sharp run, so the stock may be sensitive to any sign that AI growth slows or expectations become too optimistic.
• Negative Sentiment: The company is also facing an EU antitrust lawsuit over VMware-related document requests, which adds a legal overhang even though it is not the main driver of today’s move. Article Title

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company’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 sale, the insider directly owned 787,184 shares in the company, valued at $271,759,532.32. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gayla J. Delly sold 1,000 shares of the company’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $358.31, for a total value of $358,310.00. Following the sale, the director owned 32,352 shares of the company’s stock, valued at $11,592,045.12. This represents a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 324,282 shares of company stock valued at $106,425,249 over the last three months. Insiders own 1.90% of the company’s stock.

About Broadcom

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.