Keybank National Association OH Cuts Stake in Broadcom Inc. $AVGO

Keybank National Association OH lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,674,021 shares of the semiconductor manufacturer’s stock after selling 39,975 shares during the period. Broadcom accounts for about 1.9% of Keybank National Association OH’s investment portfolio, making the stock its 10th biggest holding. Keybank National Association OH’s holdings in Broadcom were worth $518,126,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Brown Brothers Harriman & Co. raised its position in shares of Broadcom by 10.7% in the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after purchasing an additional 7,499 shares during the period. Sovran Advisors LLC boosted its holdings in shares of Broadcom by 121.3% during the 4th quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer’s stock worth $10,507,000 after buying an additional 16,789 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its stake in Broadcom by 406.1% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer’s stock valued at $4,151,000 after buying an additional 9,624 shares during the last quarter. Aspiriant LLC grew its stake in Broadcom by 18.5% in the 4th quarter. Aspiriant LLC now owns 12,016 shares of the semiconductor manufacturer’s stock valued at $4,158,000 after buying an additional 1,872 shares during the last quarter. Finally, World Investment Advisors raised its holdings in Broadcom by 16.1% in the 4th quarter. World Investment Advisors now owns 177,710 shares of the semiconductor manufacturer’s stock worth $61,505,000 after acquiring an additional 24,703 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of AVGO traded down $9.52 during trading hours on Tuesday, reaching $364.38. 3,510,409 shares of the company traded hands, compared to its average volume of 26,287,150. The stock’s fifty day moving average is $407.92 and its 200 day moving average is $362.49. The stock has a market cap of $1.73 trillion, a P/E ratio of 60.82, a price-to-earnings-growth ratio of 0.63 and a beta of 1.45. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a 1-year low of $269.58 and a 1-year high of $495.00.

Broadcom (NASDAQ:AVGO) last released its earnings results 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 business 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 earned $1.58 earnings per share. The firm’s revenue was up 47.9% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s expanded partnership with Apple through 2031 should support long-term chip demand and strengthen confidence in its custom silicon growth story. Reuters: Broadcom, Apple extend chip partnership through 2031
• Positive Sentiment: Broadcom is being highlighted as a key AI infrastructure and edge-AI player, which supports the stock’s premium valuation. Seeking Alpha: Broadcom’s AI Infrastructure Model Justifies Its Premium Valuation
• Positive Sentiment: Analyst and investor commentary continues to point to Broadcom’s custom AI silicon growth as a reason estimates may keep moving higher. Yahoo Finance: Why Broadcom Inc.’s Custom AI Silicon Growth Still Supports Its Estimate Story
• Neutral Sentiment: Broader semiconductor momentum has helped AVGO alongside other chip names, adding a sector tailwind to the stock. Yahoo Finance: Allegro MicroSystems and Penguin Solutions Shares Skyrocket
• Negative Sentiment: Some recent coverage warns that Broadcom’s largest AI customer may be shifting business to MediaTek, which could raise questions about customer concentration in its AI chip franchise. MSN: Broadcom’s largest AI customer is fleeing to MediaTek
• Negative Sentiment: One analyst note also said AVGO had been under pressure recently after a weaker near-term outlook and limited improvement to the longer-term AI revenue picture. Zacks: Broadcom Drops 9% in a Month

Insider Activity at Broadcom

In other news, Director Justine Page sold 1,602 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $373.86, for a total transaction of $598,923.72. Following the sale, the director directly owned 17,426 shares in the company, valued at approximately $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider S. Ram Velaga sold 8,000 shares of the company’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the transaction, the insider owned 57,932 shares of the company’s stock, valued at $21,464,964.64. The trade was a 12.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 60,987 shares of company stock worth $21,899,980 in the last three months. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on AVGO shares. Seaport Research Partners reissued a “neutral” rating on shares of Broadcom in a research report on Wednesday, April 8th. UBS Group set a $485.00 price target on Broadcom and gave the company a “buy” rating in a research report on Thursday, June 4th. Wells Fargo & Company reissued an “overweight” rating and set a $545.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday, May 14th. Truist Financial increased their target price on Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, Morgan Stanley set a $502.00 target price on Broadcom and gave the company an “overweight” rating in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $493.24.

Broadcom 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.