Campbell Newman Asset Management Inc. Cuts Stake in Broadcom Inc. $AVGO

Campbell Newman Asset Management Inc. decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 9.8% during the second quarter, Holdings Channel.com reports. The fund owned 176,981 shares of the semiconductor manufacturer’s stock after selling 19,138 shares during the quarter. Broadcom accounts for approximately 5.0% of Campbell Newman Asset Management Inc.’s investment portfolio, making the stock its 3rd largest position. Campbell Newman Asset Management Inc.’s holdings in Broadcom were worth $66,855,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Bank of America Corp DE grew its holdings in Broadcom by 1.5% in the first quarter. Bank of America Corp DE now owns 58,737,097 shares of the semiconductor manufacturer’s stock worth $18,179,719,000 after purchasing an additional 894,564 shares during the period. Bartlett & CO. Wealth Management LLC raised its stake in Broadcom by 129.3% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 110,048 shares of the semiconductor manufacturer’s stock valued at $34,061,000 after buying an additional 62,050 shares during the last quarter. First Bank & Trust boosted its holdings in Broadcom by 17.2% in the second quarter. First Bank & Trust now owns 10,503 shares of the semiconductor manufacturer’s stock worth $3,968,000 after acquiring an additional 1,545 shares in the last quarter. Fifth Lane Capital LP boosted its holdings in Broadcom by 77.8% in the fourth quarter. Fifth Lane Capital LP now owns 4,000 shares of the semiconductor manufacturer’s stock worth $1,384,000 after acquiring an additional 1,750 shares in the last quarter. Finally, Wealthcare Capital Partners LLC boosted its holdings in Broadcom by 36.4% in the second quarter. Wealthcare Capital Partners LLC now owns 4,407 shares of the semiconductor manufacturer’s stock worth $1,665,000 after acquiring an additional 1,176 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Down 5.9%

AVGO stock opened at $393.05 on Friday. The stock has a market capitalization of $1.87 trillion, a P/E ratio of 65.51, a P/E/G ratio of 0.75 and a beta of 1.45. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. Broadcom Inc. has a 1-year low of $281.87 and a 1-year high of $495.00. The business has a fifty day moving average price of $389.79 and a 200-day moving average price of $373.30.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating 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 company had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $22.13 billion. During the same period last year, the firm posted $1.58 earnings per share. Broadcom’s revenue was up 47.9% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Insider Activity at Broadcom

In other news, Director Gayla J. Delly sold 1,890 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total transaction of $728,368.20. Following the sale, the director owned 31,326 shares of the company’s stock, valued at $12,072,413.88. This trade represents a 5.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Harry L. You bought 1,000 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was bought at an average cost of $373.57 per share, with a total value of $373,570.00. Following the transaction, the director owned 38,466 shares in the company, valued at $14,369,743.62. This trade represents a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 61,644 shares of company stock worth $24,016,214 over the last quarter. 1.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AVGO. UBS Group set a $485.00 price target on Broadcom and gave the company a “buy” rating in a report on Thursday, June 4th. Wall Street Zen cut shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Cantor Fitzgerald reissued an “overweight” rating and set a $525.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. The Goldman Sachs Group reissued a “buy” rating on shares of Broadcom in a research report on Monday, August 3rd. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $575.00 target price (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. Twenty-eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $493.24.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s custom-silicon and XPU opportunity remains a key long-term catalyst. Analysts and commentators point to accelerating AI infrastructure spending, major customer agreements, and potential growth in custom chips and networking. Broadcom: XPU Growth Trajectory Underestimated, Stock A Bargain
• Positive Sentiment: Wall Street’s average price target implies substantial upside from recent trading levels, supporting the bullish view that the market may be underestimating Broadcom’s AI growth trajectory. Broadcom is Down Over 3 Months: One Wall Street Pro Sees 60%+ Gains Ahead
• Positive Sentiment: Continued institutional interest, including purchases by GAMCO Investors and Cathie Wood’s reported investment, provides some additional support for the stock’s long-term AI investment case. Cathie Wood buys $16.2 million of Broadcom

Broadcom Company 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.