Broadcom Inc. $AVGO Position Lowered by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. cut its position in Broadcom Inc. (NASDAQ:AVGO) by 4.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 147,001 shares of the semiconductor manufacturer’s stock after selling 7,320 shares during the quarter. Broadcom accounts for about 3.6% of Penobscot Investment Management Company Inc.’s holdings, making the stock its 4th biggest holding. Penobscot Investment Management Company Inc.’s holdings in Broadcom were worth $51,625,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in shares of Broadcom in the second quarter valued at about $11,998,148,000. Bank of New York Mellon Corp acquired a new stake in Broadcom in the second quarter worth $10,528,191,000. Jupiter Topco LLC bought a new stake in Broadcom in the 2nd quarter valued at about $7,396,271,000. State Street Corp increased its holdings in shares of Broadcom by 8.7% during the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock valued at $75,367,711,000 after acquiring an additional 16,651,378 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in Broadcom during the second quarter worth $5,661,216,000. Institutional investors own 76.43% of the company’s stock.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: DA Davidson upgraded Broadcom to Buy from Neutral and raised its price target to $400 from $350. The firm cited Broadcom’s exposure to major AI customers, including Anthropic and potentially OpenAI. Broadcom Falls Despite DA Davidson Upgrade
• Positive Sentiment: A $63 billion financing arrangement is expected to fund purchases of Broadcom AI hardware for Anthropic. The deal provides a potentially large, funded customer for Broadcom’s custom-chip and networking business, although the company could face substantial obligations under the agreement’s backstop. Broadcom’s $63 Billion Anthropic Deal
• Positive Sentiment: Longer-term investment theses remain favorable: Broadcom projects AI semiconductor revenue of approximately $115 billion in fiscal 2027 and $230 billion in fiscal 2028. Meta’s planned financing for its AI expansion could also support additional demand for Broadcom’s custom silicon and networking products. Meta Financing Plan and Broadcom
• Neutral Sentiment: Broadcom is trading well below its record high and below its 50-day and 200-day moving averages. Analysts see upside, but valuation remains demanding, making execution of the AI growth forecast particularly important.
• Negative Sentiment: Intel’s weaker-than-expected forecast prompted investors to reassess semiconductor demand. Concerns were reinforced by Amazon’s results and the rising cost of building AI infrastructure, pressuring AI-exposed chip stocks broadly. Why Intel, AMD and Broadcom Are Falling
• Negative Sentiment: The Anthropic transaction also carries execution and financial-risk questions. Investors are waiting to see whether Broadcom can manufacture and deliver the required hardware at scale before fully crediting the projected revenue. Broadcom’s Anthropic Deal and Execution Risk

Broadcom Stock Down 5.5%

Shares of NASDAQ:AVGO opened at $326.08 on Friday. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The stock’s 50-day moving average price is $352.81 and its 200-day moving average price is $366.96. The stock has a market capitalization of $1.56 trillion, a P/E ratio of 41.65 and a beta of 1.46. Broadcom Inc. has a 12-month low of $289.96 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating analysts’ consensus estimates of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business’s quarterly revenue was up 85.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.69 earnings per share. On average, equities analysts anticipate 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. Shareholders of record on Monday, September 21st were issued a $0.65 dividend. The ex-dividend date was Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is 33.21%.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent research reports. Morgan Stanley restated an “overweight” rating and issued a $505.00 target price (up from $502.00) on shares of Broadcom in a report on Thursday, September 3rd. Raymond James Financial reaffirmed an “outperform” rating and issued a $475.00 price target (up from $450.00) on shares of Broadcom in a report on Thursday, September 3rd. Lake Street Capital upgraded shares of Broadcom to a “buy” rating in a research report on Thursday, September 3rd. Citic Securities upgraded Broadcom to a “buy” rating and lifted their price target for the company from $450.00 to $525.00 in a research report on Tuesday, September 8th. Finally, Arete Research upped their target price on shares of Broadcom from $488.00 to $530.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.52.

Broadcom 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.