Broadcom Inc. $AVGO Stock: Kestra Advisory Services LLC Raises Stake

Kestra Advisory Services LLC raised its position in Broadcom Inc. (NASDAQ:AVGO) by 7.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 481,785 shares of the semiconductor manufacturer’s stock after acquiring an additional 31,733 shares during the quarter. Broadcom accounts for about 0.5% of Kestra Advisory Services LLC’s investment portfolio, making the stock its 29th biggest position. Kestra Advisory Services LLC’s holdings in Broadcom were worth $169,198,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. State Street Corp grew its holdings in Broadcom by 8.7% in the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock worth $75,367,711,000 after buying an additional 16,651,378 shares in the last quarter. Bank of America Corp DE increased its position in Broadcom by 4.6% in the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock valued at $23,202,543,000 after acquiring an additional 2,685,916 shares during the period. Wellington Management Group LLP raised its stake in Broadcom by 3.8% during the 2nd quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock valued at $19,484,611,000 after acquiring an additional 1,892,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Broadcom by 2.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer’s stock valued at $15,178,195,000 after acquiring an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Broadcom during the 2nd quarter valued at $11,998,148,000. 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 is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Tigress Financial assumed coverage on Broadcom in a research report on Thursday, October 22nd. They set a “buy” rating and a $600.00 price target for the company. Citigroup lowered Broadcom from a “buy” rating to a “neutral” rating in a report on Tuesday, October 27th. KeyCorp restated an “overweight” rating and set a $575.00 price objective on shares of Broadcom in a research note on Thursday, September 3rd. Rosenblatt Securities restated a “buy” rating and set a $600.00 price objective on shares of Broadcom in a research note on Tuesday, October 27th. Finally, TD Cowen reaffirmed a “buy” rating and issued a $475.00 price objective (down from $500.00) on shares of Broadcom in a report on Thursday, September 3rd. One equities 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $530.52.

Broadcom Price Performance

NASDAQ AVGO opened at $293.69 on Monday. Broadcom Inc. has a 12 month low of $289.77 and a 12 month high of $495.00. The firm has a market capitalization of $1.40 trillion, a PE ratio of 37.51 and a beta of 1.49. The company’s 50 day simple moving average is $347.89 and its 200 day simple moving average is $366.17. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, topping analysts’ consensus estimates of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to the consensus estimate of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm’s revenue for the quarter was up 85.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.69 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s payout ratio is currently 33.21%.

About Broadcom

Broadcom Inc is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics.

Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.