Parallel Advisors LLC Grows Holdings in Broadcom Inc. $AVGO

Parallel Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 106,853 shares of the semiconductor manufacturer’s stock after buying an additional 11,921 shares during the quarter. Broadcom accounts for about 0.7% of Parallel Advisors LLC’s investment portfolio, making the stock its 23rd largest holding. Parallel Advisors LLC’s holdings in Broadcom were worth $36,982,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Miller Global Investments LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $33,000. Family CFO Inc purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $35,000. PayPay Securities Corp boosted its stake in shares of Broadcom by 88.9% during the 4th quarter. PayPay Securities Corp now owns 119 shares of the semiconductor manufacturer’s stock valued at $41,000 after buying an additional 56 shares during the last quarter. Finally, Camelot Portfolios LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $45,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Jefferies Financial Group set a $550.00 target price on Broadcom and gave the company a “buy” rating in a research note on Thursday, June 4th. Weiss Ratings upgraded Broadcom from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 27th. Zacks Research cut Broadcom from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Benchmark increased their target price on Broadcom from $485.00 to $545.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, Truist Financial raised their price objective on Broadcom from $545.00 to $550.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $490.13.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $396.60 on Tuesday. Broadcom Inc. has a 1-year low of $241.11 and a 1-year high of $495.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. The business’s fifty day moving average price is $397.96 and its two-hundred day moving average price is $362.43. The firm has a market capitalization of $1.88 trillion, a PE ratio of 66.10, a P/E/G ratio of 0.70 and a beta of 1.41.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same period last year, the company earned $1.58 earnings per share. The firm’s revenue for the quarter was up 47.9% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 9.97 EPS for the current year.

Broadcom Dividend Announcement

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

Insider Transactions at Broadcom

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

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom announced expanded security investments for the Spring and Java ecosystem, aiming to help enterprise customers defend against AI-enabled threats and reinforcing its software strategy. Broadcom Expands Its Investment in Spring and Java Ecosystem Security to Prepare Customers for AI-Enabled Threats
• Positive Sentiment: Several analysts and market commentators said the recent post-earnings decline may be exaggerated, arguing that Broadcom’s strong revenue growth and AI momentum still support the long-term story. Jim Cramer on Broadcom: “The Disappointing Earnings May Not Be as Crushing as We Think”
• Positive Sentiment: Wall Street sentiment remains constructive, with Bank of America raising its price target on Broadcom to $530 from $450 while keeping a Buy rating after the latest quarterly results and guidance. Is Broadcom (AVGO) the Best Stock in Chase Coleman’s Tiger Global?

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.