Broadcom Inc. $AVGO Shares Sold by Everest Management Corp.

Everest Management Corp. lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 23.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,853 shares of the semiconductor manufacturer’s stock after selling 3,295 shares during the quarter. Broadcom makes up about 2.1% of Everest Management Corp.’s holdings, making the stock its 12th largest position. Everest Management Corp.’s holdings in Broadcom were worth $3,756,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Providence First Trust Co raised its holdings in shares of Broadcom by 1,099.3% in the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock worth $2,944,000 after acquiring an additional 8,179 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Broadcom by 3.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer’s stock worth $109,492,000 after acquiring an additional 10,786 shares during the last quarter. Lmcg Investments LLC raised its holdings in shares of Broadcom by 9.4% in the third quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer’s stock worth $12,854,000 after acquiring an additional 3,357 shares during the last quarter. Wright Investors Service Inc. raised its holdings in shares of Broadcom by 5.4% in the third quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer’s stock worth $13,909,000 after acquiring an additional 2,178 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings 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 worth $25,539,000 after acquiring an additional 7,499 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Negative Sentiment: Broadcom shares are under pressure after reports said OpenAI’s planned $18 billion custom chip deal with the company hit a financing roadblock, creating uncertainty around a key AI revenue driver. Broadcom shares slump as OpenAI’s $18B custom chip deal hits financing snag
• Negative Sentiment: Another report framed the OpenAI issue as a major setback for Broadcom’s custom AI chip ambitions, adding concern that one of its flagship customer relationships may not be as immediately monetizable as investors hoped. Broadcom’s OpenAI mega AI deal hits $18 billion wall
• Neutral Sentiment: Broadcom also announced VMware by Broadcom VCF 9.1, a product update aimed at accelerating production AI workloads in private clouds, which supports the company’s long-term enterprise AI strategy. Broadcom (AVGO) Launches VCF 9.1 to Accelerate Production AI in Private Clouds
• Neutral Sentiment: Several commentary pieces remained constructive on Broadcom’s position in the AI infrastructure stack, noting that recent hyperscaler results still support demand for chips and networking tied to AI buildouts. Big Tech earnings support Broadcom’s outlook
• Neutral Sentiment: Broadcom was also mentioned in a public-sector VMware partnership update, which could help broaden enterprise distribution but is not likely the main driver of the stock today. evoila U.S. and Carahsoft Partner to Deliver VMware by Broadcom Services to the Public Sector

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 36,292 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $11,671,507.20. Following the completion of the transaction, the chief financial officer directly owned 327,760 shares in the company, valued at approximately $105,407,616. This represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider S. Ram Velaga sold 38,841 shares of the business’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total value of $12,491,265.60. Following the sale, the insider directly owned 96,147 shares of the company’s stock, valued at approximately $30,920,875.20. This trade represents a 28.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 324,282 shares of company stock valued at $106,425,249. 1.90% of the stock is owned by company insiders.

Broadcom Stock Performance

Broadcom stock opened at $430.00 on Friday. The firm has a market capitalization of $2.04 trillion, a P/E ratio of 83.98, a PEG ratio of 0.85 and a beta of 1.43. The stock has a fifty day moving average price of $352.89 and a 200 day moving average price of $351.28. Broadcom Inc. has a 52 week low of $206.52 and a 52 week high of $437.68. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. The firm had revenue of $19.31 billion during the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.60 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.6%. The ex-dividend date was Monday, March 23rd. Broadcom’s dividend payout ratio is presently 50.78%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVGO. Wolfe Research raised Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price target for the company in a report on Friday, January 30th. Seaport Research Partners reissued a “neutral” rating on shares of Broadcom in a report on Wednesday, April 8th. Truist Financial boosted their price target on Broadcom from $510.00 to $545.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Benchmark reissued a “buy” rating and issued a $485.00 price target on shares of Broadcom in a report on Thursday, March 5th. Finally, Morgan Stanley boosted their price target on Broadcom from $462.00 to $470.00 and gave the stock an “overweight” rating in a report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $435.30.

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.