Groupama Asset Managment Sells 345,635 Shares of Broadcom Inc. $AVGO

Groupama Asset Managment lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 28.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 866,755 shares of the semiconductor manufacturer’s stock after selling 345,635 shares during the period. Broadcom accounts for approximately 4.4% of Groupama Asset Managment’s portfolio, making the stock its 5th largest holding. Groupama Asset Managment’s holdings in Broadcom were worth $299,682,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Broadcom during the fourth quarter worth about $24,252,196,000. Cardano Risk Management B.V. boosted its stake in shares of Broadcom by 895.2% in the fourth quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer’s stock valued at $4,391,940,000 after purchasing an additional 11,414,701 shares during the period. State Street Corp boosted its stake in shares of Broadcom by 2.7% in the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock valued at $65,788,194,000 after purchasing an additional 5,040,801 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Broadcom by 499.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock valued at $1,858,789,000 after purchasing an additional 4,694,313 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after purchasing an additional 3,919,715 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total value of $3,452,300.00. Following the sale, the insider owned 787,184 shares of the company’s stock, valued at approximately $271,759,532.32. This represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider S. Ram Velaga sold 8,000 shares of the stock in a transaction on Friday, April 10th. The shares were sold at an average price of $370.52, for a total value of $2,964,160.00. Following the sale, the insider owned 57,932 shares in the company, valued at approximately $21,464,964.64. This trade represents a 12.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 59,385 shares of company stock valued at $21,301,057. Corporate insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AVGO shares. Rosenblatt Securities reiterated a “buy” rating and set a $500.00 target price on shares of Broadcom in a report on Thursday, June 4th. TD Cowen reaffirmed a “buy” rating and set a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $515.00 price objective (up from $430.00) on shares of Broadcom in a research note on Thursday, June 4th. Cantor Fitzgerald restated an “overweight” rating and set a $525.00 price target on shares of Broadcom in a report on Thursday, June 4th. Finally, Benchmark increased their price target on Broadcom from $485.00 to $545.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $490.13.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom’s Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn’t Make Sense.’ Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Broadcom Price Performance

AVGO stock opened at $411.35 on Friday. The firm has a 50 day moving average of $411.42 and a 200-day moving average of $363.50. Broadcom Inc. has a 12-month low of $244.17 and a 12-month high of $495.00. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. The company has a market cap of $1.96 trillion, a price-to-earnings ratio of 68.56, a PEG ratio of 0.72 and a beta of 1.41.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.Broadcom’s quarterly revenue was up 47.9% on a year-over-year basis. During the same period last year, the business posted $1.58 EPS. As a group, equities analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 22nd. Broadcom’s dividend payout ratio is 43.33%.

About Broadcom

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.