First Manhattan CO. LLC. Sells 23,404 Shares of Broadcom Inc. $AVGO

by · The Cerbat Gem

First Manhattan CO. LLC. reduced its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 1.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 2,211,185 shares of the semiconductor manufacturer’s stock after selling 23,404 shares during the period. Broadcom makes up about 2.0% of First Manhattan CO. LLC.’s portfolio, making the stock its 10th biggest position. First Manhattan CO. LLC.’s holdings in Broadcom were worth $765,291,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brown Brothers Harriman & Co. lifted its stake in Broadcom by 10.7% in the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after buying an additional 7,499 shares during the period. Dana Investment Advisors Inc. lifted its stake in Broadcom by 2.6% in the third quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer’s stock valued at $57,325,000 after buying an additional 4,442 shares during the period. Sovran Advisors LLC lifted its stake in Broadcom by 121.3% in the fourth quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer’s stock valued at $10,507,000 after buying an additional 16,789 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Broadcom by 406.1% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer’s stock valued at $4,151,000 after buying an additional 9,624 shares during the period. Finally, Siligmueller & Norvid Wealth Advisors LLC acquired a new position in Broadcom in the third quarter valued at approximately $762,000. 76.43% of the stock is owned by institutional investors and hedge funds.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

  • Positive Sentiment: JPMorgan reiterated a bullish stance on Broadcom, saying the market may be underestimating its long-term AI opportunity and calling the shares attractive at current levels. Barrons article
  • Positive Sentiment: Other coverage highlighted Broadcom’s “massive AI pipeline” and the company’s growing role in AI infrastructure, reinforcing expectations for multi-year revenue growth. Benzinga article
  • Positive Sentiment: Broadcom announced pricing terms for cash tender offers to repurchase portions of its outstanding debt, a move that can support balance-sheet management and financial flexibility. PR Newswire article
  • Neutral Sentiment: Commentary on Broadcom’s latest quarter noted strong AI-chip demand and revenue growth, but also pointed to gross margin pressure and cautious guidance, which may be keeping some investors from getting more aggressive. Zacks article
  • Negative Sentiment: Some broader AI-stock commentary has compared today’s AI capex boom to the dot-com era, renewing valuation and cycle-risk concerns across the sector that could weigh on sentiment for AVGO. 247WallSt article

Insider Buying and Selling at Broadcom

In related news, Director Gayla J. Delly sold 1,000 shares of the company’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $358.31, for a total transaction of $358,310.00. Following the completion of the sale, the director owned 32,352 shares in the company, valued at approximately $11,592,045.12. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Harry L. You purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were bought at an average price of $373.57 per share, with a total value of $373,570.00. Following the acquisition, the director directly owned 38,466 shares of the company’s stock, valued at $14,369,743.62. This represents a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 51,233 shares of company stock valued at $18,125,134 in the last three months. Insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on AVGO shares. Truist Financial boosted their price target on Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Rosenblatt Securities reissued a “buy” rating and issued a $500.00 price target on shares of Broadcom in a research note on Thursday, June 4th. Oppenheimer reissued an “outperform” rating and issued a $535.00 price target (up from $450.00) on shares of Broadcom in a research note on Thursday, June 4th. Wells Fargo & Company reissued an “overweight” rating and issued a $545.00 price target (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. Finally, Benchmark boosted their price target on Broadcom from $485.00 to $545.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $490.13.

Check Out Our Latest Stock Report on AVGO

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $392.90 on Thursday. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a twelve month low of $244.17 and a twelve month high of $495.00. The stock’s 50 day moving average is $408.66 and its 200-day moving average is $363.11. The firm has a market capitalization of $1.87 trillion, a price-to-earnings ratio of 65.48, a PEG ratio of 0.66 and a beta of 1.41.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same period in the prior year, the firm earned $1.58 earnings per share. Broadcom’s revenue for the quarter was up 47.9% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, June 22nd. Broadcom’s dividend payout ratio is presently 43.33%.

Broadcom Company Profile

(Free Report)

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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