47,760 Broadcom Inc. $AVGO Shares Sold by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 20.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 191,590 shares of the semiconductor manufacturer’s stock after selling 47,760 shares during the period. Broadcom accounts for 2.7% of Nippon Life Global Investors Americas Inc.’s portfolio, making the stock its 8th biggest position. Nippon Life Global Investors Americas Inc.’s holdings in Broadcom were worth $67,284,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of AVGO. Yukon Wealth Management Inc. increased its position in shares of Broadcom by 1.1% during the first quarter. Yukon Wealth Management Inc. now owns 2,501 shares of the semiconductor manufacturer’s stock worth $774,000 after purchasing an additional 26 shares in the last quarter. NerdWallet Wealth Partners LLC grew its stake in Broadcom by 2.6% during the 2nd quarter. NerdWallet Wealth Partners LLC now owns 1,057 shares of the semiconductor manufacturer’s stock worth $399,000 after buying an additional 27 shares during the last quarter. Veery Capital LLC increased its position in Broadcom by 1.4% during the second quarter. Veery Capital LLC now owns 1,900 shares of the semiconductor manufacturer’s stock worth $718,000 after buying an additional 27 shares during the period. Ridgeline Wealth Planning LLC increased its position in Broadcom by 2.1% during the second quarter. Ridgeline Wealth Planning LLC now owns 1,302 shares of the semiconductor manufacturer’s stock worth $492,000 after buying an additional 27 shares during the period. Finally, Capital Planning LLC lifted its stake in Broadcom by 0.7% in the first quarter. Capital Planning LLC now owns 4,044 shares of the semiconductor manufacturer’s stock valued at $1,252,000 after buying an additional 28 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $325.60 on Thursday. Broadcom Inc. has a 52 week low of $289.96 and a 52 week high of $495.00. The company has a 50-day moving average price of $350.73 and a 200 day moving average price of $366.67. The company has a market cap of $1.55 trillion, a P/E ratio of 41.58 and a beta of 1.49. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $29.24 billion. During the same quarter in the previous year, the firm posted $1.69 EPS. The firm’s quarterly revenue was up 85.5% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s payout ratio is currently 33.21%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Oppenheimer started coverage on Broadcom in a report on Tuesday, October 27th. They issued a “buy” rating for the company. Truist Financial lowered their price objective on shares of Broadcom from $550.00 to $520.00 and set a “buy” rating on the stock in a research report on Thursday, September 3rd. Raymond James Financial reaffirmed an “outperform” rating and issued a $475.00 target price (up from $450.00) on shares of Broadcom in a report on Thursday, September 3rd. DA Davidson raised Broadcom from a “neutral” rating to a “buy” rating and raised their price target for the stock from $350.00 to $400.00 in a report on Tuesday, October 27th. Finally, BNP Paribas Exane boosted their price target on Broadcom from $675.00 to $715.00 and gave the company an “outperform” rating in a research report on Friday, September 4th. One research 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’s stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.52.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue reached $16.7 billion, exceeding its $16 billion target, and management expects higher AI revenue next quarter. That supports the view that demand for its custom AI chips remains strong despite competition from Marvell. Article: Is Broadcom Stock a Buy Now?
• Positive Sentiment: ETFs purchased $267.7 million of Broadcom shares on Nov. 2, a sign of institutional demand, though fund flows can be short-lived and do not guarantee further gains. Article: 53 ETFs Add to Broadcom Holdings
• Neutral Sentiment: A report tied midterm-election results and a potential Texas permit freeze to concerns about AI data-center investment. The article does not establish a direct effect on Broadcom, but any broader slowdown in data-center construction could weigh on AI infrastructure suppliers. Article: Steve Weiss Says the Midterms Just Put a Lid on AI Spending
• Negative Sentiment: Broadcom underperformed in a rising market. Coverage describing the session offered no specific explanation, leaving the decline potentially tied to market sentiment or profit-taking rather than a disclosed change in the company’s outlook. Article: Broadcom Stock Slides as Market Rises
• Negative Sentiment: Some commentary flags valuation as a risk, while Broadcom’s custom-chip opportunity depends on customers continuing to develop their own processors. That leaves the stock vulnerable if growth expectations cool or customer plans change. Article: Taiwan Semi or Broadcom

About Broadcom

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.