1,081,975 Shares of Broadcom Inc. $AVGO Purchased by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the third quarter, HoldingsChannel.com reports. The fund acquired 1,081,975 shares of the semiconductor manufacturer’s stock, valued at approximately $384,209,000. Broadcom comprises about 0.9% of Rakuten Investment Management Inc.’s holdings, making the stock its 11th largest position.

A number of other hedge funds also recently bought and sold shares of AVGO. State Street Corp grew its position in shares of Broadcom by 8.7% in the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock valued at $75,367,711,000 after purchasing an additional 16,651,378 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Broadcom by 4.6% in the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock valued at $23,202,543,000 after purchasing an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Broadcom by 3.8% in the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock valued at $19,484,611,000 after purchasing an additional 1,892,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Broadcom by 2.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer’s stock valued at $15,178,195,000 after purchasing an additional 1,140,598 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in Broadcom during the second quarter worth approximately $11,998,148,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Key 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

Analysts Set New Price Targets

A number of equities analysts have weighed in on AVGO shares. Royal Bank Of Canada started coverage on Broadcom in a research note on Thursday, September 3rd. They set an “outperform” rating on the stock. Rosenblatt Securities restated a “buy” rating and issued a $600.00 target price on shares of Broadcom in a report on Tuesday, October 27th. HSBC cut their target price on Broadcom from $600.00 to $560.00 and set a “buy” rating for the company in a research note on Thursday, September 3rd. HC Wainwright assumed coverage on Broadcom in a report on Tuesday, October 27th. They set a “buy” rating on the stock. Finally, Fox Advisors raised shares of Broadcom to an “outperform” rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $530.52.

Broadcom Stock Up 0.7%

Shares of NASDAQ AVGO opened at $293.69 on Friday. The company has a 50 day simple moving average of $347.89 and a 200-day simple moving average of $366.17. The company has a market capitalization of $1.40 trillion, a P/E ratio of 37.51 and a beta of 1.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. Broadcom Inc. has a 1 year low of $289.77 and a 1 year high of $495.00.

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

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were given a $0.65 dividend. The ex-dividend date was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.9%. Broadcom’s payout ratio is currently 33.21%.

About Broadcom

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.