Billionaire Larry Robbins' Glenview Capital Management Exits Broadcom Stake in Q2

Key Takeaways

• Glenview Capital Management sold its stake in Broadcom (AVGO) in Q2 2024.
• The move came after Broadcom reported strong second-quarter results, with revenue up 43% year-over-year.
• Glenview also exited its position in Intel (INTC) in Q2.

Details

Glenview Capital Management, the investment firm led by billionaire Larry Robbins, exited its stake in Broadcom (AVGO) in the second quarter of 2024, according to a recent SEC filing.

The move came after Broadcom reported strong second-quarter results, with revenue up 43% year-over-year to $12.5 billion.

Glenview also exited its position in Intel (INTC) in Q2. The firm had held a stake in Intel since 2019.

Why it Matters

Glenview's exit from Broadcom is a sign that some investors are taking profits after the company's strong run-up in recent years.

Broadcom's stock has more than doubled since the start of 2023, as the company has benefited from the growing demand for semiconductors.

However, some analysts believe that Broadcom's stock is now overvalued, and that the company could be due for a pullback.

What's Next

It remains to be seen whether Glenview's exit from Broadcom will be followed by other investors.

If the stock price continues to decline, it could trigger a selloff by other investors.

However, if Broadcom continues to report strong results, the stock could continue to rise.