Kestra Investment Management LLC Buys 2,857 Shares of Broadcom Inc. $AVGO

Kestra Investment Management LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 11.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 27,974 shares of the semiconductor manufacturer’s stock after buying an additional 2,857 shares during the quarter. Kestra Investment Management LLC’s holdings in Broadcom were worth $9,824,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Legal & General Group Plc bought a new position in shares of Broadcom in the second quarter worth $11,998,148,000. Bank of New York Mellon Corp bought a new stake in Broadcom during the second quarter worth about $10,528,191,000. Jupiter Topco LLC bought a new stake in Broadcom during the second quarter worth about $7,396,271,000. State Street Corp lifted its position in Broadcom by 8.7% during 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 period. Finally, Deutsche Bank AG acquired a new stake in Broadcom during the second quarter worth about $5,661,216,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on AVGO. The Goldman Sachs Group raised their target price on shares of Broadcom from $525.00 to $540.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. William Blair cut shares of Broadcom from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 27th. Raymond James Financial reaffirmed an “outperform” rating and set a $475.00 price target (up from $450.00) on shares of Broadcom in a report on Thursday, September 3rd. Arete Research increased their price target on shares of Broadcom from $488.00 to $530.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, KeyCorp reissued an “overweight” rating and issued a $575.00 price objective on shares of Broadcom in a research note 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $530.52.

Broadcom Price Performance

Shares of AVGO stock opened at $345.22 on Thursday. 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 Inc. has a twelve month low of $289.77 and a twelve month high of $495.00. The company has a market cap of $1.65 trillion, a P/E ratio of 44.09 and a beta of 1.49. The business has a fifty day simple moving average of $345.65 and a 200 day simple moving average of $366.28.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating 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 business had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. During the same period last year, the firm posted $1.69 earnings per share. Broadcom’s revenue was up 85.5% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom News Roundup

Here’s some of the latest news about AVGO:

• Positive Sentiment: Coverage of Anthropic points to substantial cash and rising revenue as support for its large commitment involving Broadcom, bolstering confidence in the AI partnership and related chip demand. Anthropic’s S-1 Strengthens the Case for Broadcom’s AI Growth
• Neutral Sentiment: Some commentary views Broadcom as a potential beneficiary of continued AI investment, while noting that its shares have retreated from earlier highs. Am I Buying the Dip in Broadcom Stock?
• Negative Sentiment: Risks include Broadcom’s valuation and the possibility that debt-financed AI infrastructure spending could expose the company to credit risk if demand or customer finances weaken. Broadcom: A Great TPU Business With a New Kind of Credit Risk Attached

Broadcom Company Profile

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.