Broadcom Inc. $AVGO Stock: Traynor Capital Management Inc. Reduces Stake

Traynor Capital Management Inc. decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.5% in the third quarter, Holdings Channel reports. The fund owned 184,490 shares of the semiconductor manufacturer’s stock after selling 4,827 shares during the period. Broadcom accounts for 3.0% of Traynor Capital Management Inc.’s investment portfolio, making the stock its 7th biggest holding. Traynor Capital Management Inc.’s holdings in Broadcom were worth $64,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Cornerstone Advisors LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $92,522,000. GAMMA Investing LLC lifted its holdings in Broadcom by 8.8% during the 3rd quarter. GAMMA Investing LLC now owns 164,015 shares of the semiconductor manufacturer’s stock valued at $55,889,000 after purchasing an additional 13,317 shares during the last quarter. ANB Bank acquired a new position in shares of Broadcom in the 3rd quarter worth approximately $1,181,000. Bank of America Corp DE grew its position in Broadcom by 1.5% during the 1st quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer’s stock worth $18,179,719,000 after acquiring an additional 894,564 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new stake in Broadcom during the 2nd quarter valued at $3,302,000. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on AVGO shares. Jefferies Financial Group began coverage on Broadcom in a research note on Thursday, September 3rd. They issued a “buy” rating and a $550.00 price objective on the stock. Citigroup lowered shares of Broadcom from a “buy” rating to a “neutral” rating in a report on Tuesday, October 27th. DA Davidson upgraded shares of Broadcom from a “neutral” rating to a “buy” rating and raised their price objective for the company from $350.00 to $400.00 in a research report on Tuesday, October 27th. HC Wainwright assumed coverage on shares of Broadcom in a research note on Tuesday, October 27th. They issued a “buy” rating for the company. Finally, Raymond James Financial reiterated an “outperform” rating and set a $475.00 target price (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $530.52.

Broadcom Stock Down 2.0%

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

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, topping the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion for 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 company’s revenue for the quarter was up 85.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.69 earnings per share. Analysts expect that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Dividend Announcement

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

Broadcom News Summary

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

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.