Howe & Rusling Inc. Cuts Holdings in Broadcom Inc. $AVGO

Howe & Rusling Inc. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.7% during the first quarter, Holdings Channel reports. The firm owned 161,641 shares of the semiconductor manufacturer’s stock after selling 8,046 shares during the quarter. Broadcom makes up approximately 3.3% of Howe & Rusling Inc.’s portfolio, making the stock its 6th biggest position. Howe & Rusling Inc.’s holdings in Broadcom were worth $50,029,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in AVGO. ROSS JOHNSON & Associates LLC raised its stake in Broadcom by 1,320.0% in the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 66 shares in the last quarter. Networth Advisors LLC lifted its holdings in Broadcom by 546.2% in the first quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 71 shares during the period. SWAN Capital LLC boosted its position in Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 55 shares in the last quarter. Miller Global Investments LLC bought a new stake in Broadcom during the 4th quarter valued at approximately $31,000. Finally, Nvest Wealth Strategies Inc. purchased a new position in shares of Broadcom during the 4th quarter worth approximately $33,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AVGO. TD Cowen restated a “buy” rating and issued a $500.00 target price on shares of Broadcom in a research note on Thursday, June 4th. Oppenheimer reissued an “outperform” rating and set a $535.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $525.00 target price on shares of Broadcom in a research report on Thursday, June 4th. Jefferies Financial Group set a $550.00 price target on shares of Broadcom and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, KeyCorp restated an “overweight” rating and issued a $575.00 price objective (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $493.24.

Broadcom Stock Performance

Shares of AVGO stock opened at $388.69 on Thursday. The company has a market capitalization of $1.85 trillion, a price-to-earnings ratio of 64.78, a price-to-earnings-growth ratio of 0.65 and a beta of 1.45. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a one year low of $269.58 and a one year high of $495.00. The company’s 50-day moving average is $405.37 and its 200 day moving average is $363.44.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.04. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business’s revenue was up 47.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.58 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were issued a $0.65 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Apple expanded its Broadcom relationship with a $30 billion-plus chipmaking commitment, which should provide Broadcom with long-term revenue visibility and support for its AI/custom silicon growth story. Reuters: Apple to spend $30 billion in Broadcom chips deal that will see Colorado factory expand
• Positive Sentiment: Apple’s deal is being framed as a major U.S. manufacturing win and one of Broadcom’s biggest customer commitments, which could lift sentiment around AVGO’s AI infrastructure opportunity. TechCrunch: Apple to produce Made in America wireless chips with Broadcom
• Positive Sentiment: Investor attention is also being fueled by bullish coverage highlighting Broadcom as a top stock pick and an increasingly attractive AI semiconductor name after recent pullbacks. Insider Monkey: Top 5 Stocks to Buy According to Whale Rock Capital Management
• Neutral Sentiment: Some commentary says Broadcom had already pulled back from recent highs, with UBS arguing semiconductor valuations may now offer a more attractive entry point, but this is more valuation commentary than a fresh catalyst. Benzinga: Micron, Broadcom Just Got 25% Cheaper
• Negative Sentiment: One analyst reportedly downgraded Broadcom, suggesting not all views are uniformly bullish despite the Apple deal. Yahoo Finance: This Analyst Just Downgraded Broadcom Stock

Insiders Place Their Bets

In other Broadcom news, Director Harry L. You bought 1,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was acquired at an average price of $373.57 per share, with a total value of $373,570.00. Following the transaction, the director owned 38,466 shares in the company, valued at $14,369,743.62. This represents a 2.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider S. Ram Velaga sold 8,000 shares of the firm’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the sale, the insider directly owned 57,932 shares in the company, valued at approximately $21,464,964.64. The trade was a 12.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 17,754 shares of company stock worth $6,739,006 over the last three months. Company insiders own 1.90% of the company’s stock.

Broadcom Company 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.