Broadcom Inc. $AVGO Shares Bought by Park National Corp OH

Park National Corp OH raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 482.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 63,062 shares of the semiconductor manufacturer’s stock after buying an additional 52,244 shares during the period. Park National Corp OH’s holdings in Broadcom were worth $19,518,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of AVGO. ROSS JOHNSON & Associates LLC increased its stake in Broadcom by 1,320.0% during the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 66 shares during the period. SWAN Capital LLC grew its holdings in shares of Broadcom by 261.9% in the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 55 shares in the last quarter. Miller Global Investments LLC acquired a new position in shares of Broadcom in the fourth quarter worth $31,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth $33,000. Finally, Family CFO Inc acquired a new stake in shares of Broadcom in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AVGO shares. TD Cowen reiterated a “buy” rating and issued a $500.00 target price on shares of Broadcom in a report on Thursday, June 4th. Weiss Ratings raised Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, June 9th. KeyCorp reaffirmed an “overweight” rating and issued a $575.00 target price (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $525.00 price target on shares of Broadcom in a research note on Thursday, June 4th. Finally, Susquehanna reiterated a “positive” rating and set a $490.00 price target (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $490.13.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Analysts and market commentators are pointing to Broadcom’s strong AI demand as the main reason to stay bullish. Recent coverage highlighted record semiconductor sales, AI chip and networking demand, and strong customer commitments as evidence that the company’s AI growth story remains intact. Broadcom’s AI Push Boosts Semiconductor Sales: More Upside Ahead?
• Positive Sentiment: JPMorgan reportedly reiterated buy-the-dip optimism, citing Broadcom’s multi-year Google partnership, record quarterly revenue of $22.19 billion, and AI semiconductor sales of $10.8 billion, up 143% year over year. The note also pointed to expectations for another step-up in AI-chip growth next quarter. Broadcom’s AI boom — Google deal and huge revenue growth spark buy-the-dip calls
• Positive Sentiment: Several pieces argue that the market is overreacting to a modest AI revenue guide and that the selloff has created an accumulation opportunity. They emphasize that Broadcom’s revenue, semiconductor growth, AI bookings, and backlog are all at record levels, which supports the longer-term investment case. The Grandest Castle Ever Floated (and the Stocks to Profit From It)
• Positive Sentiment: Broadcom is also attracting broader investor attention and continued analyst support, including a consensus “Moderate Buy” rating, which may help stabilize sentiment after the recent decline. Broadcom Inc. (NASDAQ:AVGO) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Broadcom Stock Down 4.7%

Shares of NASDAQ:AVGO opened at $392.13 on Tuesday. The company has a market capitalization of $1.87 trillion, a PE ratio of 65.36, a P/E/G ratio of 0.72 and a beta of 1.41. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a twelve month low of $246.46 and a twelve month high of $495.00. The firm has a 50 day simple moving average of $412.17 and a 200-day simple moving average of $363.42.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $22.13 billion. During the same period last year, the firm posted $1.58 EPS. The company’s revenue was up 47.9% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 4,825 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $394.91, for a total value of $1,905,440.75. Following the completion of the sale, the insider directly owned 269,989 shares of the company’s stock, valued at approximately $106,621,355.99. The trade was a 1.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry L. You purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $373.57 per share, for a total transaction of $373,570.00. Following the purchase, the director directly owned 38,466 shares in the company, valued at $14,369,743.62. The trade was a 2.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders sold 59,385 shares of company stock worth $21,301,057. Corporate 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.