Broadcom Inc. $AVGO Stock Acquired by JCIC Asset Management Inc.

JCIC Asset Management Inc. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 16,578.9% in the third quarter, HoldingsChannel reports. The firm owned 15,845 shares of the semiconductor manufacturer’s stock after buying an additional 15,750 shares during the quarter. Broadcom makes up 2.3% of JCIC Asset Management Inc.’s investment portfolio, making the stock its 14th largest position. JCIC Asset Management Inc.’s holdings in Broadcom were worth $5,565,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. 3Chopt Investment Partners LLC boosted its holdings in shares of Broadcom by 4.3% in the third quarter. 3Chopt Investment Partners LLC now owns 28,921 shares of the semiconductor manufacturer’s stock worth $10,157,000 after buying an additional 1,183 shares during the last quarter. Team Financial Group LLC purchased a new stake in Broadcom during the third quarter valued at approximately $64,000. Mraz Amerine & Associates Inc. increased its holdings in Broadcom by 4.2% during the third quarter. Mraz Amerine & Associates Inc. now owns 3,552 shares of the semiconductor manufacturer’s stock valued at $1,247,000 after buying an additional 144 shares during the last quarter. Rakuten Investment Management Inc. purchased a new stake in Broadcom during the third quarter valued at approximately $384,209,000. Finally, MFG Investments LLC bought a new position in Broadcom in the third quarter worth approximately $766,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 0.7%

Broadcom stock opened at $293.69 on Friday. The firm has a market capitalization of $1.40 trillion, a price-to-earnings ratio of 37.51 and a beta of 1.49. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The firm has a 50 day moving average of $347.89 and a 200 day moving average of $366.17. Broadcom Inc. has a 12-month low of $289.77 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The company had revenue of $29.59 billion for the quarter, compared to the consensus estimate of $29.24 billion. During the same quarter last year, the company earned $1.69 EPS. The firm’s quarterly revenue was up 85.5% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s dividend payout ratio (DPR) is 33.21%.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Oppenheimer assumed coverage on shares of Broadcom in a research note on Tuesday, October 27th. They set a “buy” rating on the stock. Weiss Ratings upgraded Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. DA Davidson upgraded Broadcom from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $350.00 to $400.00 in a research note on Tuesday, October 27th. Wall Street Zen cut Broadcom from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Finally, President Capital lifted their target price on Broadcom from $520.00 to $546.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $530.52.

Broadcom Profile

Broadcom Inc is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics.

Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.