Broadcom Inc. $AVGO Stock Purchased by First Command Advisory Services Inc.

First Command Advisory Services Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 62.9% in the third quarter, Holdings Channel reports. The fund owned 7,758 shares of the semiconductor manufacturer’s stock after buying an additional 2,995 shares during the quarter. First Command Advisory Services Inc.’s holdings in Broadcom were worth $2,725,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Core Capital Management & Research inc. acquired a new stake in Broadcom during the 2nd quarter valued at approximately $31,000. Harborfront Financial Group LLC bought a new stake in shares of Broadcom in the 2nd quarter worth about $38,000. DecisionPoint Financial LLC increased its position in shares of Broadcom by 101.9% in the 3rd quarter. DecisionPoint Financial LLC now owns 105 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 53 shares during the last quarter. Align Financial LLC increased its position in shares of Broadcom by 67.2% in the 3rd quarter. Align Financial LLC now owns 112 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 45 shares during the last quarter. Finally, Curry Webb Wealth Management LLC acquired a new stake in shares of Broadcom in the 3rd quarter valued at about $41,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $347.01 on Friday. The company has a market cap of $1.66 trillion, a P/E ratio of 44.32 and a beta of 1.49. The company’s fifty day moving average is $345.39 and its two-hundred day moving average is $366.55. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. Broadcom Inc. has a 12-month low of $289.77 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. Broadcom’s quarterly revenue was up 85.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.69 earnings per share. Equities analysts expect that Broadcom Inc. will post 10.20 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, September 21st. Broadcom’s payout ratio is currently 33.21%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Bank of America cut their price objective on Broadcom from $530.00 to $460.00 and set a “buy” rating on the stock in a research note on Thursday, September 3rd. TD Cowen reaffirmed a “buy” rating and issued a $475.00 price target (down from $500.00) on shares of Broadcom in a report on Thursday, September 3rd. Citic Securities upgraded Broadcom to a “buy” rating and increased their price target for the stock from $450.00 to $525.00 in a research report on Tuesday, September 8th. Cantor Fitzgerald raised their target price on Broadcom from $525.00 to $600.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Finally, Evercore set a $578.00 price target on shares of Broadcom and gave the company an “outperform” rating in a report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $525.19.

Broadcom News Roundup

Investors following AVGO have been watching these news items:

• Positive Sentiment: Despite Rothschild & Co Redburn’s downgrade, the articles note that Wall Street’s average price target remains around $533, above the firm’s new $398 target. This suggests some analysts still see substantial upside. Is Rothschild & Co Redburn Wrong to Give Up on Broadcom?
• Neutral Sentiment: Broadcom had recently rallied as investors considered whether NVIDIA’s leadership turmoil could redirect demand to rival chipmakers. NVIDIA’s rebound on Friday, however, prompted some investors to reassess that rotation. AMD, Broadcom stocks fall as Nvidia rebounds
• Negative Sentiment: Rothschild & Co Redburn cut AVGO to Neutral from Buy and lowered its price target by 33%, from $595 to $398. It flagged risk from Broadcom’s growing exposure to AI financing arrangements, including reliance on AI companies such as Anthropic and OpenAI that are not yet self-funding. Broadcom stock falls as firm flags AI financing risks

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.