Golden State Wealth Management LLC has increased its investment in Broadcom Inc. (NASDAQ: AVGO) by 5.2% during the second quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 16,669 shares of the semiconductor manufacturer, which is valued at approximately $4.6 million following the acquisition of an additional 817 shares during the quarter.
This adjustment comes amidst increased interest from other institutional investors as well. For instance, Commonwealth Equity Services LLC raised its holdings by 0.3%, now owning 1,208,729 shares worth $333.2 million after adding 3,548 shares. Additionally, HORAN Wealth LLC established a new position valued at around $13.2 million, while Suncoast Equity Management acquired shares worth approximately $211,000. SouthState Corp increased its stake by 1.4%, bringing its total to 239,591 shares valued at $66 million, and Sienna Gestion boosted its holdings by 10.2% to 153,329 shares, now valued at $38.6 million.
Strong institutional ownership has characterized Broadcom, with institutional investors collectively holding 76.43% of the company’s stock.
Broadcom’s Market Position and Recent Performance
Broadcom’s shares opened at $349.43 on Monday. The company boasts a market capitalization of $1.65 trillion, a price-to-earnings ratio of 89.14, and a beta of 1.19. The stock has experienced fluctuations, with a 12-month low of $138.10 and a high of $386.48. Current moving averages indicate a 50-day average price of $344.91 and a 200-day average of $290.63.
In addition to its stock performance, Broadcom recently announced a quarterly dividend of $0.59, which was paid on September 30, 2023. Shareholders on record as of September 22 received this dividend, translating to an annualized amount of $2.36 and a yield of 0.7%. The company’s dividend payout ratio stands at 60.20%.
Insider Activity and Analyst Ratings
Recent insider transactions reflect ongoing changes within the company. On September 17, insider Mark David Brazeal sold 16,558 shares for approximately $5.76 million, resulting in a 4.79% decrease in his position. Another insider, Charlie B. Kawwas, sold 3,893 shares for about $1.35 million, representing a 13.34% decline in his holdings. Overall, insiders acquired 3,550 shares valued at around $1.23 million while selling 665,271 shares worth approximately $225.5 million over the past ninety days.
Analysts have been optimistic about Broadcom’s prospects, with several brokerages issuing new price targets. Morgan Stanley set a target of $409.00 with an “overweight” rating, while Evercore ISI raised its target from $342.00 to $403.00. Other firms, including UBS Group and Deutsche Bank Aktiengesellschaft, established targets of $415.00 and $400.00 respectively. The consensus among analysts is favorable, with three rating the stock as a Strong Buy, twenty-nine as a Buy, and two as Hold, resulting in an average rating of “Buy” and a consensus target price of $372.52.
Broadcom is a prominent player in the semiconductor industry, designing and supplying a wide range of devices, particularly focusing on complex digital and mixed-signal products. The company operates through two main segments: Semiconductor Solutions and Infrastructure Software. As it continues to draw interest from institutional investors and analysts alike, Broadcom remains a key player to watch in the technology sector.
