Joseph Group Capital Management Purchases 3,682 Shares of Broadcom Inc. $AVGO

Joseph Group Capital Management lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 27.6% in the third quarter, HoldingsChannel.com reports. The firm owned 17,024 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,682 shares during the period. Joseph Group Capital Management’s holdings in Broadcom were worth $5,979,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. State Street Corp raised its stake in shares of Broadcom by 8.7% in the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock valued at $75,367,711,000 after buying an additional 16,651,378 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Broadcom by 4.6% during the 2nd quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock worth $23,202,543,000 after acquiring an additional 2,685,916 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Broadcom by 3.8% during the 2nd quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock worth $19,484,611,000 after acquiring an additional 1,892,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Broadcom by 2.9% during the 2nd 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 worth $15,178,195,000 after acquiring an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of Broadcom during the 2nd quarter valued at about $11,998,148,000. 76.43% of the stock is owned by institutional investors.

Key Headlines Impacting Broadcom

These are some of the AVGO headlines that stood out recently:

• Positive Sentiment: Broadcom shares rose more than 3% in extended trading as turmoil around Nvidia’s CEO sent investors toward rival chipmakers, including Broadcom. Nvidia Stock Sinks as Jensen Huang Ouster Report Sends Investors Toward AMD, Broadcom
• Positive Sentiment: Coverage of Anthropic points to substantial cash and rising revenue as support for its large commitment involving Broadcom, bolstering confidence in the AI partnership and related chip demand. Anthropic’s S-1 Strengthens the Case for Broadcom’s AI Growth
• Neutral Sentiment: Some commentary views Broadcom as a potential beneficiary of continued AI investment, while noting that its shares have retreated from earlier highs. Am I Buying the Dip in Broadcom Stock?

Broadcom Stock Up 4.0%

Shares of NASDAQ:AVGO opened at $345.22 on Thursday. Broadcom Inc. has a 52 week low of $289.77 and a 52 week high of $495.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50. The company’s fifty day moving average is $345.65 and its 200-day moving average is $366.28. The company has a market capitalization of $1.65 trillion, a PE ratio of 44.09 and a beta of 1.49.

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

Broadcom Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 0.8%. Broadcom’s payout ratio is presently 33.21%.

Analysts Set New Price Targets

A number of analysts recently weighed in on AVGO shares. Truist Financial lowered their target price on shares of Broadcom from $550.00 to $520.00 and set a “buy” rating on the stock in a research note on Thursday, September 3rd. Weiss Ratings raised shares of Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Citic Securities upgraded shares of Broadcom to a “buy” rating and raised their price target for the stock from $450.00 to $525.00 in a research note on Tuesday, September 8th. Cantor Fitzgerald upped their price objective on Broadcom from $525.00 to $600.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Finally, Royal Bank Of Canada initiated coverage on Broadcom in a report on Thursday, September 3rd. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $530.52.

Broadcom Profile

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.