AMG Asset Management Group Inc. Purchases Shares of 2,406 Broadcom Inc. $AVGO

AMG Asset Management Group Inc. purchased a new stake in Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,406 shares of the semiconductor manufacturer’s stock, valued at approximately $833,000. Broadcom accounts for about 2.7% of AMG Asset Management Group Inc.’s portfolio, making the stock its 11th largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Forty three Eighteen Advisors LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $218,000. Bank of New Hampshire boosted its position in Broadcom by 62.7% in the 4th quarter. Bank of New Hampshire now owns 13,022 shares of the semiconductor manufacturer’s stock valued at $4,507,000 after buying an additional 5,016 shares during the period. Osbon Capital Management LLC purchased a new position in Broadcom in the 4th quarter valued at approximately $249,000. Lane Brothers & Co. Inc. acquired a new position in shares of Broadcom in the fourth quarter worth $352,000. Finally, Fund Advisors of America Inc FL acquired a new position in shares of Broadcom in the fourth quarter worth $755,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Broadcom from $500.00 to $580.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Truist Financial boosted their target price on Broadcom from $545.00 to $550.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Seaport Research Partners restated a “neutral” rating on shares of Broadcom in a report on Wednesday, April 8th. Wall Street Zen raised Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 15th. Finally, KeyCorp reiterated an “overweight” rating and issued a $575.00 price objective (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $490.13.

Broadcom News Summary

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.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 2,018 shares of Broadcom stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total value of $712,354.00. Following the transaction, the director directly owned 18,164 shares in the company, valued at approximately $6,411,892. This trade represents a 10.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider S. Ram Velaga sold 17,260 shares of the business’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $352.12, for a total value of $6,077,591.20. Following the completion of the transaction, the insider directly owned 65,932 shares in the company, valued at approximately $23,215,975.84. The trade was a 20.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 59,385 shares of company stock worth $21,301,057 in the last three months. Company insiders own 1.90% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $411.35 on Monday. Broadcom Inc. has a 1-year low of $244.17 and a 1-year high of $495.00. The stock has a market cap of $1.96 trillion, a PE ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. The firm has a fifty day moving average price of $411.42 and a 200 day moving average price of $363.34.

Broadcom (NASDAQ:AVGO) last posted 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 business 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%.The company’s revenue was up 47.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.58 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

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