CrossGen Wealth LLC Takes Position in Broadcom Inc. $AVGO

CrossGen Wealth LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,118 shares of the semiconductor manufacturer’s stock, valued at approximately $5,232,000. Broadcom makes up about 4.6% of CrossGen Wealth LLC’s holdings, making the stock its 4th largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Strive Financial Group LLC acquired a new stake in Broadcom in the 4th quarter valued at $387,000. Widmann Financial Services Inc. acquired a new position in Broadcom during the fourth quarter worth $223,000. First Commonwealth Financial Corp PA lifted its holdings in shares of Broadcom by 2.0% during the fourth quarter. First Commonwealth Financial Corp PA now owns 13,381 shares of the semiconductor manufacturer’s stock valued at $4,631,000 after acquiring an additional 264 shares during the period. Blue Sparrow LLC DE bought a new position in shares of Broadcom during the fourth quarter valued at $300,597,000. Finally, Mercer Global Advisors Inc. ADV boosted its stake in shares of Broadcom by 10.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 1,119,547 shares of the semiconductor manufacturer’s stock valued at $384,962,000 after purchasing an additional 103,499 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 4.7%

Shares of NASDAQ AVGO opened at $411.35 on Friday. The firm’s 50-day simple moving average is $410.21 and its 200 day simple moving average is $363.17. The company has a market cap of $1.96 trillion, a price-to-earnings ratio of 68.56, a price-to-earnings-growth ratio of 0.69 and a beta of 1.41. 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 12-month low of $244.17 and a 12-month high of $495.00.

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. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $22.13 billion. During the same quarter last year, the company posted $1.58 EPS. The company’s quarterly revenue was up 47.9% compared to the same quarter last year. On average, research analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Insider Transactions at Broadcom

In other news, Director Justine Page sold 2,018 shares of the business’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total transaction of $712,354.00. Following the completion of the sale, the director owned 18,164 shares in the company, valued at $6,411,892. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Harry L. You purchased 1,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the purchase, the director directly owned 38,466 shares of the company’s stock, valued at $14,369,743.62. This trade represents a 2.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 59,385 shares of company stock worth $21,301,057 over the last ninety days. 1.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVGO. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $500.00 to $580.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Evercore restated an “outperform” rating and issued a $582.00 price target on shares of Broadcom in a research report on Tuesday, May 19th. Susquehanna reaffirmed a “positive” rating and set a $490.00 price objective (up from $450.00) on shares of Broadcom in a research note on Thursday, May 28th. TD Cowen reaffirmed a “buy” rating and set a $500.00 price objective on shares of Broadcom in a report on Thursday, June 4th. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Broadcom in a research note on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $490.13.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom expanded its cash tender offers for outstanding debt to $3 billion from $2.5 billion after strong investor demand, which can be viewed as a sign of balance-sheet management and helped lift sentiment toward the stock. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan reiterated a bullish view, saying investors should be “aggressive buyers” and arguing the market is underestimating Broadcom’s long-term AI opportunity, reinforcing the rally in AVGO. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Citi also highlighted Broadcom as a top chip stock on soaring data-center demand, adding to optimism around AI-driven revenue growth. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions totaling more than 8,100 shares. The sales are notable, but they represent relatively small reductions in a large personal holding and do not necessarily signal a change in the company’s outlook. Mark David Brazeal insider trading page

Broadcom Company Profile

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.