BlueChip Wealth Advisors LLC has increased its investment in Broadcom Inc. (NASDAQ: AVGO) by 17.2% during the second quarter of 2023. According to the company’s latest 13F filing with the Securities and Exchange Commission (SEC), BlueChip now holds 1,567 shares of the semiconductor manufacturer after acquiring an additional 230 shares in that period. The total value of BlueChip’s holdings in Broadcom stands at approximately $432,000.
Other institutional investors have similarly adjusted their positions in Broadcom. For instance, Barnes Dennig Private Wealth Management LLC and Cheviot Value Management LLC both initiated new positions in the company during the first quarter, each worth $25,000. Additionally, Sawyer & Company Inc. raised its holdings by 62.1% in the second quarter, now owning 94 shares valued at $26,000, while Legend Financial Advisors Inc. purchased shares worth $28,000. As of now, institutional investors collectively own 76.43% of Broadcom’s stock.
Broadcom’s Current Financial Performance
On September 30, 2023, Broadcom’s stock opened at $362.05. The company’s performance has shown significant fluctuation, with a one-year low of $138.10 and a high of $374.23. The stock’s performance indicators include a 50-day moving average price of $332.60 and a 200-day moving average price of $277.81. Broadcom currently boasts a market capitalization of $1.71 trillion, a P/E ratio of 92.36, and a P/E/G ratio of 1.99.
Recently, Broadcom announced a quarterly dividend of $0.59 per share, which was paid to stockholders of record on September 22. This dividend translates to an annualized amount of $2.36 and a yield of 0.7%, with a payout ratio of 60.20%.
Insider Trading Activity and Analyst Ratings
In insider trading news, Charlie B. Kawwas, an executive at Broadcom, sold 3,893 shares on September 17 for a total of approximately $1.35 million. Following this transaction, Kawwas holds 25,295 shares valued at around $8.8 million. Similarly, CEO Hock E. Tan sold 148,154 shares on September 10, totaling nearly $49.9 million. Following the sale, Tan’s ownership decreased to 825,998 shares, valued at approximately $278.1 million. Insider ownership currently represents 2.00% of the company’s stock.
Analysts have shown considerable interest in Broadcom, with several recent ratings. Deutsche Bank Aktiengesellschaft set a target price of $400.00 and rated the stock as a “buy” on October 14. Argus raised its price objective from $285.00 to $375.00, while UBS Group set a price objective of $415.00. Currently, Broadcom has an average rating of “buy” and an average price target of $372.52 from analysts, according to data from MarketBeat.com.
Broadcom Inc. is engaged in designing, developing, and supplying a range of semiconductor devices, focusing on complex digital and mixed-signal complementary metal oxide semiconductor-based devices and analog III-V-based products globally. The company operates through two primary segments: Semiconductor Solutions and Infrastructure Software. As the semiconductor market continues to evolve, Broadcom remains a significant player with a robust institutional backing.
