Sumitomo Mitsui Trust Group Inc. Sells 160,014 Shares of Broadcom Inc. $AVGO

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.4% in the third quarter, Holdings Channel.com reports. The firm owned 11,031,781 shares of the semiconductor manufacturer’s stock after selling 160,014 shares during the period. Broadcom comprises approximately 2.2% of Sumitomo Mitsui Trust Group Inc.’s investment portfolio, making the stock its 7th largest position. Sumitomo Mitsui Trust Group Inc.’s holdings in Broadcom were worth $3,874,251,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Yukon Wealth Management Inc. grew its stake in Broadcom by 1.1% in the first quarter. Yukon Wealth Management Inc. now owns 2,501 shares of the semiconductor manufacturer’s stock valued at $774,000 after purchasing an additional 26 shares in the last quarter. NerdWallet Wealth Partners LLC raised its position in shares of Broadcom by 2.6% in the second quarter. NerdWallet Wealth Partners LLC now owns 1,057 shares of the semiconductor manufacturer’s stock valued at $399,000 after purchasing an additional 27 shares during the period. Veery Capital LLC lifted its position in Broadcom by 1.4% during the 2nd quarter. Veery Capital LLC now owns 1,900 shares of the semiconductor manufacturer’s stock worth $718,000 after acquiring an additional 27 shares during the last quarter. Ridgeline Wealth Planning LLC lifted its position in shares of Broadcom by 2.1% during the 2nd quarter. Ridgeline Wealth Planning LLC now owns 1,302 shares of the semiconductor manufacturer’s stock worth $492,000 after purchasing an additional 27 shares during the last quarter. Finally, Capital Planning LLC boosted its position in shares of Broadcom by 0.7% in the first quarter. Capital Planning LLC now owns 4,044 shares of the semiconductor manufacturer’s stock valued at $1,252,000 after acquiring an additional 28 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue reached $16.7 billion, exceeding its $16 billion target, and management expects higher AI revenue next quarter. That supports the view that demand for its custom AI chips remains strong despite competition from Marvell. Article: Is Broadcom Stock a Buy Now?
• Positive Sentiment: ETFs purchased $267.7 million of Broadcom shares on Nov. 2, a sign of institutional demand, though fund flows can be short-lived and do not guarantee further gains. Article: 53 ETFs Add to Broadcom Holdings
• Neutral Sentiment: A report tied midterm-election results and a potential Texas permit freeze to concerns about AI data-center investment. The article does not establish a direct effect on Broadcom, but any broader slowdown in data-center construction could weigh on AI infrastructure suppliers. Article: Steve Weiss Says the Midterms Just Put a Lid on AI Spending
• Negative Sentiment: Broadcom underperformed in a rising market. Coverage describing the session offered no specific explanation, leaving the decline potentially tied to market sentiment or profit-taking rather than a disclosed change in the company’s outlook. Article: Broadcom Stock Slides as Market Rises
• Negative Sentiment: Some commentary flags valuation as a risk, while Broadcom’s custom-chip opportunity depends on customers continuing to develop their own processors. That leaves the stock vulnerable if growth expectations cool or customer plans change. Article: Taiwan Semi or Broadcom

Broadcom Trading Down 2.0%

Shares of NASDAQ AVGO opened at $325.60 on Thursday. The company’s fifty day moving average is $350.73 and its 200-day moving average is $366.67. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1.55 trillion, a price-to-earnings ratio of 41.58 and a beta of 1.49. Broadcom Inc. has a twelve month low of $289.96 and a twelve month high of $495.00.

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

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s dividend payout ratio is presently 33.21%.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVGO. UBS Group downgraded Broadcom from a “hold” rating to a “neutral” rating in a research report on Tuesday, October 27th. KeyCorp reaffirmed an “overweight” rating and issued a $575.00 target price on shares of Broadcom in a report on Thursday, September 3rd. Oppenheimer initiated coverage on Broadcom in a research report on Tuesday, October 27th. They issued a “buy” rating for the company. Wall Street Zen downgraded shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, DA Davidson upgraded Broadcom from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $350.00 to $400.00 in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.52.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.