Bank of New York Mellon Corp Decreases Position in Broadcom Inc. $AVGO

Bank of New York Mellon Corp lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,712,968 shares of the semiconductor manufacturer’s stock after selling 1,285,490 shares during the period. Broadcom comprises about 1.6% of Bank of New York Mellon Corp’s portfolio, making the stock its 6th biggest holding. Bank of New York Mellon Corp’s holdings in Broadcom were worth $8,886,951,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of AVGO. Blackhawk Capital Partners LLC raised its position in Broadcom by 37.8% in the first quarter. Blackhawk Capital Partners LLC now owns 11,404 shares of the semiconductor manufacturer’s stock valued at $3,530,000 after purchasing an additional 3,130 shares during the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of Broadcom by 14.0% during the first quarter. Illinois Municipal Retirement Fund now owns 302,013 shares of the semiconductor manufacturer’s stock valued at $93,476,000 after acquiring an additional 37,056 shares during the last quarter. truNorth Financial Services Inc. raised its stake in shares of Broadcom by 5.0% during the first quarter. truNorth Financial Services Inc. now owns 840 shares of the semiconductor manufacturer’s stock valued at $260,000 after acquiring an additional 40 shares during the last quarter. Peninsula Asset Management Inc. lifted its holdings in shares of Broadcom by 59.3% during the first quarter. Peninsula Asset Management Inc. now owns 11,571 shares of the semiconductor manufacturer’s stock worth $3,581,000 after purchasing an additional 4,309 shares during the period. Finally, Harmony Asset Management LLC lifted its holdings in shares of Broadcom by 1.4% during the first quarter. Harmony Asset Management LLC now owns 9,107 shares of the semiconductor manufacturer’s stock worth $2,819,000 after purchasing an additional 126 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of Broadcom stock opened at $370.83 on Friday. 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 business has a 50-day moving average price of $401.29 and a two-hundred day moving average price of $365.31. Broadcom Inc. has a 1-year low of $273.00 and a 1-year high of $495.00. The company has a market cap of $1.76 trillion, a P/E ratio of 61.81, a PEG ratio of 0.65 and a beta of 1.45.

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, topping the consensus estimate of $2.40 by $0.04. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business’s quarterly revenue was up 47.9% on a year-over-year basis. During the same period last year, the company posted $1.58 EPS. As a group, analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom’s payout ratio is presently 43.33%.

Analysts Set New Price Targets

A number of analysts recently weighed in on AVGO shares. Mizuho increased their price objective on Broadcom from $480.00 to $530.00 and gave the company an “outperform” rating in a report on Thursday, June 4th. Susquehanna reaffirmed a “positive” rating and set a $490.00 target price (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. UBS Group set a $485.00 target price on Broadcom and gave the stock a “buy” rating in a report on Thursday, June 4th. Zacks Research lowered Broadcom from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 21st. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $515.00 price target (up from $430.00) on shares of Broadcom in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $493.24.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Standard Chartered chose Broadcom to support a long-term modernization of its global banking infrastructure, underscoring Broadcom’s role in secure private-cloud and enterprise networking solutions. Standard Chartered Selects Broadcom to Deliver Secure, Always-On Banking Services at Global Scale
• Positive Sentiment: Wall Street commentary continues to describe Broadcom as a core AI beneficiary, and some analysts have raised price targets even after the stock pullback. As Shares Fall, Analyst Are Boosting Their Broadcom Price Targets
• Neutral Sentiment: Broadcom remains a major talking point in AI-focused market coverage, with some investors viewing it as an indicator for the broader market and semiconductor cycle. Jim Cramer Says Broadcom Will Tell You When the Market Is About to Turn
• Negative Sentiment: Broadcom is facing renewed skepticism around valuation, with one report asking whether the AI story has made the stock too expensive. Has Broadcom Become Too Expensive for Its AI Story?
• Negative Sentiment: The stock is also being hit by a broader selloff in semiconductor names as investors rotate away from AI-capex winners and worry about a slowdown in chip spending. Marvell Drops 8% as AI Capex Slowdown Fears Weigh on Chips; Broadcom, AMD, and Intel Slide
• Negative Sentiment: Broadcom is also dealing with regulatory uncertainty after reports said it faces an EU antitrust review tied to VMware licensing changes. Broadcom (AVGO) Faces EU Antitrust Review Over VMware Licensing Changes

Insiders Place Their Bets

In other Broadcom news, Director Harry L. You purchased 1,000 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $373.57 per share, with a total value of $373,570.00. Following the completion of the purchase, the director owned 38,466 shares in the company, valued at $14,369,743.62. This represents a 2.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 1,602 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the transaction, the director owned 17,426 shares in the company, valued at $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 61,644 shares of company stock valued at $24,016,214. Company insiders own 1.90% of the company’s stock.

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.