Golden State Wealth Management LLC has increased its stake in Broadcom Inc. (NASDAQ: AVGO) by 5.2% during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now owns 16,669 shares of the semiconductor company after acquiring an additional 817 shares during the period. The value of Golden State’s holdings in Broadcom stands at approximately $4.6 million.
Numerous other institutional investors have also adjusted their positions in Broadcom recently. Commonwealth Equity Services LLC raised its holdings by 0.3%, bringing its total to 1,208,729 shares valued at $333.2 million after purchasing an additional 3,548 shares. Additionally, HORAN Wealth LLC entered the market with a new position worth around $13.2 million. Other notable movements include SouthState Corp, which increased its stake by 1.4% to 239,591 shares valued at $66 million, and Sienna Gestion, which boosted its holdings by 10.2%, owning 153,329 shares valued at approximately $38.6 million. Overall, institutional investors now control 76.43% of Broadcom’s stock.
The market reacted to these developments with Broadcom’s shares opening at $349.43 on the NASDAQ, reflecting a slight decline of 1.7%. The company boasts a market capitalization of $1.65 trillion, with a price-to-earnings ratio of 89.14 and a beta of 1.19. Broadcom’s stock has fluctuated significantly over the past year, with a low of $138.10 and a high of $386.48.
Quarterly Dividend and Insider Activity
Broadcom recently announced a quarterly dividend of $0.59, which was paid on September 30, 2023, to shareholders recorded on September 22, 2023. This translates to an annualized dividend of $2.36 with a yield of 0.7%. The company’s current dividend payout ratio (DPR) is 60.20%, indicating a stable approach to returning value to shareholders.
In recent insider activity, Mark David Brazeal, an insider at Broadcom, sold 16,558 shares on September 17, 2023, at an average price of $347.61, amounting to approximately $5.76 million. Following this transaction, Brazeal retains 329,302 shares valued at around $114.5 million. Another insider, Charlie B. Kawwas, sold 3,893 shares on the same day for about $1.35 million, reducing his holdings by 13.34%. Over the past ninety days, insiders have sold a total of 665,271 shares valued at approximately $225.5 million.
Analyst Ratings and Price Targets
Brokerages have recently updated their ratings and price targets for Broadcom. Morgan Stanley set a target price of $409.00 and rated the stock as “overweight.” Evercore ISI raised its target from $342.00 to $403.00, maintaining an “outperform” rating. UBS Group also set a price target of $415.00 with a “buy” recommendation. Meanwhile, Deutsche Bank Aktiengesellschaft established a target of $400.00 with a “buy” rating as well.
The consensus among analysts shows broad confidence in Broadcom, with three rating it as a Strong Buy, twenty-nine giving it a Buy rating, and two assigning a Hold rating. According to MarketBeat.com, the overall average rating stands at “Buy,” with a consensus target price of $372.52.
Broadcom Inc. continues to be recognized for its innovative semiconductor solutions, playing a crucial role in the technology landscape. The company specializes in developing and supplying a range of semiconductor devices, focusing on both digital and mixed-signal products. With a strong market presence and the backing of significant institutional investors, Broadcom remains a key player in the semiconductor industry.
