Fintel reports that on September 1, 2023, Evercore ISI Group reiterated coverage of Broadcom (NASDAQ:AVGO) with a Outperform recommendation.
Analyst Price Forecast Suggests 1.39% Downside
As of August 31, 2023, the average one-year price target for Broadcom is 910.02. The forecasts range from a low of 589.84 to a high of $1,102.50. The average price target represents a decrease of 1.39% from its latest reported closing price of 922.89.
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The projected annual revenue for Broadcom is 35,900MM, an increase of 1.26%. The projected annual non-GAAP EPS is 41.57.
What is the Fund Sentiment?
There are 3731 funds or institutions reporting positions in Broadcom. This is an increase of 233 owner(s) or 6.66% in the last quarter. Average portfolio weight of all funds dedicated to AVGO is 0.95%, an increase of 14.75%. Total shares owned by institutions decreased in the last three months by 9.89% to 406,184K shares. 
The put/call ratio of AVGO is 1.12, indicating a bearish outlook.
What are Other Shareholders Doing?
Capital World Investors holds 27,823K shares representing 6.74% ownership of the company. In it's prior filing, the firm reported owning 27,354K shares, representing an increase of 1.68%. The firm increased its portfolio allocation in AVGO by 27.97% over the last quarter.
Capital International Investors holds 22,911K shares representing 5.55% ownership of the company. In it's prior filing, the firm reported owning 27,586K shares, representing a decrease of 20.41%. The firm increased its portfolio allocation in AVGO by 5.33% over the last quarter.
Capital Research Global Investors holds 19,206K shares representing 4.65% ownership of the company. In it's prior filing, the firm reported owning 21,168K shares, representing a decrease of 10.21%. The firm increased its portfolio allocation in AVGO by 15.19% over the last quarter.
AWSHX - WASHINGTON MUTUAL INVESTORS FUND holds 13,313K shares representing 3.23% ownership of the company. In it's prior filing, the firm reported owning 14,627K shares, representing a decrease of 9.87%. The firm decreased its portfolio allocation in AVGO by 2.14% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 13,004K shares representing 3.15% ownership of the company. In it's prior filing, the firm reported owning 12,905K shares, representing an increase of 0.76%. The firm increased its portfolio allocation in AVGO by 25.70% over the last quarter.
Broadcom Background Information
(This description is provided by the company.)
Broadcom Inc., a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Broadcom Inc solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation.
Additional reading:
- Broadcom Inc. Announces Third Quarter Fiscal Year 2023 Financial Results and Quarterly Dividend
- CREDIT AGREEMENT Dated as of August 15, 2023 BROADCOM INC., the Borrower, The Guarantors From Time to Time Party Hereto, Bank of America, N.A., as Administrative Agent, The Other Lenders Party Hereto, Barclays Bank PLC Citibank, N.A., Co-Syndication
- Amendment No. 1, dated April 18, 2023, among Broadcom Inc., the lenders and other parties thereto, and Bank
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