Pittenger & Anderson Inc. Reduces Stock Position in Broadcom Inc. $AVGO

Pittenger & Anderson Inc. cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 5.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 55,892 shares of the semiconductor manufacturer’s stock after selling 2,940 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Broadcom were worth $19,344,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after buying an additional 3,919,715 shares in the last quarter. Invesco Ltd. increased its stake in shares of Broadcom by 1.8% during the 3rd quarter. Invesco Ltd. now owns 39,149,651 shares of the semiconductor manufacturer’s stock worth $12,915,861,000 after purchasing an additional 700,021 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Broadcom by 2.3% during the 3rd quarter. Legal & General Group Plc now owns 33,450,786 shares of the semiconductor manufacturer’s stock worth $11,035,749,000 after purchasing an additional 748,709 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Broadcom by 4.0% during the 3rd quarter. Franklin Resources Inc. now owns 29,511,195 shares of the semiconductor manufacturer’s stock worth $9,736,038,000 after purchasing an additional 1,124,590 shares in the last quarter. Finally, Amundi increased its stake in shares of Broadcom by 3.3% during the 3rd quarter. Amundi now owns 22,216,816 shares of the semiconductor manufacturer’s stock worth $7,453,320,000 after purchasing an additional 716,523 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on AVGO shares. Rosenblatt Securities reissued a “buy” rating and set a $500.00 price objective on shares of Broadcom in a research note on Tuesday, April 7th. DA Davidson raised shares of Broadcom to a “hold” rating in a research note on Friday, February 13th. Wells Fargo & Company raised shares of Broadcom from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $410.00 to $430.00 in a research note on Thursday, January 15th. Morgan Stanley raised their price objective on shares of Broadcom from $462.00 to $470.00 and gave the stock an “overweight” rating in a research note on Friday, March 6th. Finally, Mizuho reissued an “outperform” rating and set a $480.00 price objective on shares of Broadcom in a research note on Thursday, April 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $435.30.

Broadcom News Roundup

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

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 50,488 shares of Broadcom stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total value of $16,236,940.80. Following the transaction, the insider owned 278,141 shares in the company, valued at $89,450,145.60. This trade represents a 15.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider S. Ram Velaga sold 8,000 shares of Broadcom stock in a transaction on Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the completion of the transaction, the insider owned 57,932 shares in the company, valued at approximately $21,464,964.64. This trade represents a 12.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 324,282 shares of company stock valued at $106,425,249 in the last 90 days. Insiders own 1.90% of the company’s stock.

Broadcom Stock Up 4.2%

Shares of NASDAQ AVGO opened at $430.00 on Friday. Broadcom Inc. has a 1 year low of $206.52 and a 1 year high of $437.68. The firm’s 50 day moving average price is $352.89 and its 200 day moving average price is $351.28. The firm has a market cap of $2.04 trillion, a P/E ratio of 83.98, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. During the same quarter last year, the business earned $1.60 earnings per share. Broadcom’s revenue was up 29.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

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

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.