SlateStone Wealth LLC has increased its investment in Broadcom Inc. (NASDAQ: AVGO) by acquiring an additional 278 shares, raising its total holdings to 13,828 shares. This move represents a 2.1% increase in their position during the second quarter of 2024, as reported in the firm’s latest Form 13F filed with the Securities and Exchange Commission. The value of SlateStone’s holdings in Broadcom now stands at approximately $3.81 million.
Other institutional investors have also adjusted their stakes in Broadcom. Notably, Nuveen LLC made a significant investment in the first quarter, purchasing shares valued at around $6.65 billion. Meanwhile, Price T Rowe Associates Inc. increased its ownership by 37.8%, now holding about 65.5 million shares valued at $10.97 billion. Additionally, Vanguard Group Inc. raised its stake by 1.3%, owning 483.4 million shares worth $133.26 billion.
Hedge funds and institutional investors collectively own approximately 76.43% of Broadcom’s stock, indicating strong confidence in the semiconductor manufacturer.
Insider Transactions and Stock Performance
Recent insider transactions also reflect activity within Broadcom. On September 17, 2024, insider Mark David Brazeal sold 16,558 shares at an average price of $347.61, totalling approximately $5.76 million. Following this sale, he retained 329,302 shares valued at around $114.47 million. This transaction represented a 4.79% decrease in his position.
Another insider, Justine Page, sold 800 shares on November 14, 2024, at an average price of $331.14, resulting in a transaction of $264,912. After this sale, Page owned 21,382 shares worth approximately $7.08 million, marking a 3.61% decrease in her holdings. Over the past 90 days, insiders have purchased 3,550 shares valued at $1.23 million while selling a total of 665,271 shares worth $225.48 million. Currently, insiders hold 2.00% of the company’s shares.
Broadcom has shown positive stock performance, recently reporting earnings results on September 4, 2024. The semiconductor firm announced earnings per share (EPS) of $1.69, surpassing analysts’ expectations of $1.66 by $0.03. Broadcom achieved a net margin of 31.59% and a return on equity of 36.60%. Revenue for the quarter reached $15.95 billion, exceeding expectations of $15.82 billion, and showing a 22.0% year-over-year increase.
Dividend Announcement and Analyst Ratings
In addition to its earnings report, Broadcom announced a quarterly dividend of $0.59, which was paid on September 30, 2024. Stockholders of record as of September 22 received this dividend, translating to an annualized dividend of $2.36 and a yield of 0.6%. Broadcom’s dividend payout ratio currently stands at 60.20%.
Wall Street analysts have expressed optimism regarding Broadcom’s future performance. Several research firms have recently upgraded their price targets for the stock. Truist Financial raised its price objective from $295.00 to $365.00, maintaining a “buy” rating. Similarly, Bank of America lifted its target from $300.00 to $400.00, also assigning a “buy” rating. Other firms, including Oppenheimer and Piper Sandler, have similarly increased their price targets, reflecting strong market confidence.
Currently, Broadcom enjoys a consensus rating of “Buy” from analysts, with a consensus target price of $374.21, indicating expectations for continued growth in the semiconductor sector.
