Broadcom Inc. $AVGO Stock Sold by Profund Advisors LLC

Profund Advisors LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 9.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 385,763 shares of the semiconductor manufacturer’s stock after selling 40,370 shares during the period. Broadcom comprises 3.9% of Profund Advisors LLC’s investment portfolio, making the stock its 4th largest position. Profund Advisors LLC’s holdings in Broadcom were worth $135,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Legal & General Group Plc purchased a new stake in Broadcom during the 2nd quarter valued at $11,998,148,000. Bank of New York Mellon Corp purchased a new position in shares of Broadcom in the second quarter valued at about $10,528,191,000. Jupiter Topco LLC bought a new stake in shares of Broadcom in the second quarter worth about $7,396,271,000. State Street Corp grew its stake in shares of Broadcom by 8.7% in the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock worth $75,367,711,000 after purchasing an additional 16,651,378 shares during the last quarter. Finally, Deutsche Bank AG purchased a new position in Broadcom during the 2nd quarter valued at about $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: 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 Trading Down 2.0%

Shares of NASDAQ:AVGO opened at $325.60 on Thursday. The stock’s fifty day moving average price is $350.73 and its 200-day moving average price is $366.67. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. The company has a market cap of $1.55 trillion, a P/E ratio of 41.58 and a beta of 1.49. Broadcom Inc. has a 1 year low of $289.96 and a 1 year high of $495.00.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.10. The company had revenue of $29.59 billion during the quarter, compared to analysts’ expectations of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. Broadcom’s revenue for the quarter was up 85.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.69 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AVGO shares. HC Wainwright started coverage on Broadcom in a report on Tuesday, October 27th. They issued a “buy” rating for the company. Sanford C. Bernstein reissued a “buy” rating on shares of Broadcom in a research report on Monday, September 21st. Wedbush began coverage on shares of Broadcom in a research report on Tuesday, October 27th. They issued an “outperform” rating on the stock. Lake Street Capital upgraded shares of Broadcom to a “buy” rating in a research note on Thursday, September 3rd. Finally, Citigroup cut shares of Broadcom from a “buy” rating to a “neutral” rating in a report on Tuesday, October 27th. One research 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $530.52.

Broadcom Company 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.