Broadcom Inc. $AVGO Shares Sold by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,856,066 shares of the semiconductor manufacturer’s stock after selling 5,979 shares during the quarter. Broadcom accounts for 1.8% of Rockefeller Capital Management L.P.’s holdings, making the stock its 7th largest holding. Rockefeller Capital Management L.P. owned 0.06% of Broadcom worth $988,485,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AVGO. ROSS JOHNSON & Associates LLC increased its position in shares of Broadcom by 1,320.0% during the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 66 shares during the last quarter. SWAN Capital LLC lifted its holdings in shares of Broadcom by 261.9% in the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 55 shares during the last quarter. Miller Global Investments LLC purchased a new position in shares of Broadcom during the 4th quarter worth approximately $31,000. Nvest Wealth Strategies Inc. purchased a new position in shares of Broadcom during the 4th quarter worth approximately $33,000. Finally, Family CFO Inc acquired a new stake in Broadcom in the 4th quarter valued at approximately $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

More Broadcom News

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.

Analyst Ratings Changes

A number of research firms have commented on AVGO. Zacks Research cut Broadcom from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $515.00 target price (up from $430.00) on shares of Broadcom in a report on Thursday, June 4th. Truist Financial lifted their target price on Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. DA Davidson boosted their price target on shares of Broadcom from $375.00 to $400.00 and gave the stock a “neutral” rating in a research note on Thursday, June 4th. Finally, Benchmark increased their price target on shares of Broadcom from $485.00 to $545.00 and gave the stock 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 assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $490.13.

Insider Buying and Selling

In other Broadcom news, insider S. Ram Velaga sold 17,260 shares of the 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 sale, the insider directly owned 65,932 shares of the company’s stock, valued at approximately $23,215,975.84. This represents a 20.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 4,825 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $394.91, for a total transaction of $1,905,440.75. Following the completion of the sale, the insider owned 269,989 shares in the company, valued at $106,621,355.99. The trade was a 1.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 59,385 shares of company stock valued at $21,301,057 over the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

AVGO opened at $411.35 on Monday. The business has a fifty day moving average price of $411.42 and a 200 day moving average price of $363.34. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. Broadcom Inc. has a 12 month low of $244.17 and a 12 month high of $495.00. The stock has a market capitalization 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 posted its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating 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 quarter last year, the company earned $1.58 EPS. Broadcom’s revenue for the quarter was up 47.9% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company 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 $0.65 dividend. 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 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.