Princeton Capital Management LLC has increased its stake in **Broadcom Inc.** (NASDAQ:AVGO) by **7.3%** during the second quarter of 2023. According to a recent filing with the **Securities and Exchange Commission**, the firm now holds **29,854 shares** of the semiconductor company after acquiring an additional **2,032 shares** in the period. This investment now constitutes approximately **2.4%** of Princeton’s total holdings, making Broadcom its ninth largest position, valued at **$8,229,000**.
Several other hedge funds have also adjusted their positions in Broadcom recently. For instance, **Nuveen LLC** entered a new position in the company during the first quarter, investing **$6,649,117,000**. Similarly, **Price T. Rowe Associates Inc.** increased its holdings by **37.8%** in the same period, owning **65,509,579 shares** now valued at **$10,968,270,000** after purchasing **17,985,046 shares**. Other significant changes included **Goldman Sachs Group Inc.**, which raised its stake by **16.7%**, now owning **31,854,414 shares** valued at **$5,333,384,000**, and **Deutsche Bank AG**, which lifted its holdings by **36.9%**.
Institutional investors collectively own **76.43%** of Broadcom’s stock, indicating strong confidence in the company’s performance.
Analyst Ratings and Earnings Performance
Broadcom has recently drawn attention from Wall Street analysts, who have provided a range of ratings. **Goldman Sachs Group** maintained a “buy” rating, setting a price target of **$340.00** in a report dated **August 13, 2023**. Meanwhile, **Macquarie** began coverage with an “outperform” rating and a target price of **$420.00**. **Citigroup** revised its price objective from **$350.00** to **$415.00**, endorsing a “buy” rating on **October 14, 2023**.
In terms of stock performance, Broadcom’s recent quarterly earnings reveal substantial growth. The company reported an earnings per share (EPS) of **$1.69**, exceeding analysts’ expectations of **$1.66**. With revenues of **$15.95 billion** for the quarter, this represents a **22.0%** increase year-over-year. The company has projected an EPS of **5.38** for the current fiscal year, indicating a robust outlook.
Insider Transactions and Dividend Announcement
In related news, **Hock E. Tan**, CEO of Broadcom, sold **100,000 shares** on **September 23, 2023**, at an average price of **$339.58**, amounting to a total of **$33,958,000**. Following this transaction, Tan holds **725,638 shares**, valued at approximately **$246.4 million**. This sale reflects a **12.11%** decrease in his ownership.
Additionally, insider **Charlie B. Kawwas** sold **3,893 shares** on **September 17, 2023**, for **$1,354,063.26**. Insiders also acquired **3,550 shares** worth **$1,227,869** in the last quarter, but sold **665,271 shares** valued at **$225,464,248**.
Broadcom has declared a quarterly dividend of **$0.59**, paid to investors on record as of **September 22, 2023**. This translates to an annualized dividend of **$2.36**, representing a yield of **0.7%**. The company’s **dividend payout ratio** currently stands at **60.20%**.
As of the latest trading session, Broadcom’s stock, listed as **NASDAQ:AVGO**, opened at **$358.39**, with a market capitalization of **$1.69 trillion**. The stock has seen a low of **$138.10** and a high of **$386.48** over the past fifty-two weeks.
Broadcom continues to be a dominant player in the semiconductor industry, focusing on the design and development of complex digital and mixed-signal devices. The company’s performance and strategic investments reflect its strong position within the market.
