Goldstone Financial Group LLC Acquires Shares of Broadcom Inc. (NASDAQ:AVGO)

Goldstone Financial Group LLC has made a significant move by acquiring a new stake in Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to its latest 13F filing with the Securities and Exchange Commission. The investment firm purchased 4,751 shares of the semiconductor company's stock, which is valued at around $819,000.

In addition to Goldstone, several other institutional investors and hedge funds have also adjusted their positions in Broadcom. For instance, AXA S.A. increased its shareholdings in the company by 2.7% in the second quarter, now owning 291,078 shares worth approximately $467.33 million after acquiring an additional 7,608 shares last quarter. Meanwhile, Whittier Trust Co. experienced a remarkable boost of 947.2% in its holdings during the third quarter, bringing its total to 689,858 shares valued at $119 million after buying an additional 623,983 shares.

Similarly, Summit Place Financial Advisors LLC lifted its stake in Broadcom by 912.6% in the third quarter to own 9,802 shares, which are now valued at around $1.69 million after acquiring an additional 8,834 shares. Signaturefd LLC also raised its holdings by 913.0% during the same period, resulting in ownership of 78,977 shares, valued at $13.62 million after purchasing an additional 71,181 shares. Furthermore, Godsey & Gibb Inc. increased its position by 887.0% during the third quarter, owning 180,672 shares now valued at $31.17 million after acquiring an additional 162,366 shares. Notably, institutional investors own about 76.43% of Broadcom's stock.

Insider Transactions

In related news, Broadcom's CEO, Hock E. Tan, sold 50,000 shares of the company's stock on September 17th at an average price of $163.37, resulting in a total sale value of approximately $8.17 million. Following this transaction, the CEO owns 1,331,910 shares valued at roughly $217.59 million, indicating a minor change in their ownership percentage.

Moreover, insider Charlie B. Kawwas sold 15,950 shares on October 11th at an average price of $181.44, bringing the total transaction value to about $2.89 million. After the sale, Kawwas retains ownership of 737,330 shares valued at approximately $133.78 million. Overall, corporate insiders have sold a total of 311,080 shares valued at around $53.54 million over the past 90 days, while corporate insiders own about 2.00% of the company's shares.

Market Analysts' Perspectives

Market analysts have taken note of AVGO shares, with various firms updating their ratings on Broadcom. William Blair initiated coverage on the stock with an “outperform” rating on September 18th. Benchmark reiterated its “buy” rating and has set a price target of $210.00. Analysts from JPMorgan Chase & Co. also upped their target price from $200.00 to $210.00, assigning an “overweight” rating. In contrast, Rosenblatt Securities adjusted its price target from $2,400.00 to $240.00, maintaining a “buy” rating. Finally, Morgan Stanley raised its target price from $176.00 to $180.00 while continuing to rate the stock as “overweight.” Overall, there are two hold ratings, twenty-four buy ratings, and one strong buy rating for Broadcom, leading to an average rating of “Moderate Buy” with a consensus price target of $191.54, as reported by MarketBeat.com.

Stock Performance Overview

Broadcom Stock Performance

As of recently, shares of Broadcom (NASDAQ:AVGO) opened at $168.92. The company boasts a market capitalization of $786.30 billion, a price-to-earnings ratio of 146.89, a PEG ratio of 2.84, and a beta of 1.17. Broadcom’s financials show a current ratio of 1.04, a quick ratio of 0.94, and a debt-to-equity ratio of 1.02. The stock has experienced a 12-month low of $86.00 and a 12-month high of $186.42, with a 50-day moving average price of $168.94 and a 200-day moving average price of $156.03.

Recently, Broadcom released its quarterly earnings data on September 5th. The semiconductor company reported earnings of $1.24 per share (EPS), exceeding analysts' consensus estimates of $1.20 by $0.04. Broadcom enjoys a net margin of 10.88% and a return on equity of 30.12%. The company reported a revenue of $13.07 billion compared to expectations of $12.98 billion, which represents a year-over-year revenue growth of 47.3%. Analysts forecast that Broadcom will post earnings of $3.78 per share for the current fiscal year.

Dividend Announcement

Furthermore, Broadcom recently announced a quarterly dividend, which was paid out on September 30th. Investors who were on record as of September 19th received a dividend of $0.53 per share. This represents an increase from the previous quarterly dividend. The ex-dividend date was also September 19th, signifying a $2.12 annualized dividend with a yield of 1.26%. The dividend payout ratio (DPR) stands at 184.35%.

Company Overview

Broadcom Inc. is a prominent company that designs, develops, and provides a range of semiconductor devices. The company focuses on complex digital and mixed signal complementary metal oxide semiconductor devices and analog III-V based products globally. It operates primarily in two segments: Semiconductor Solutions and Infrastructure Software.

Conclusion and Updates

With various institutional investments and insider activities, Broadcom remains a notable player in the semiconductor industry. Investors and analysts alike continue to watch the company closely for future developments.

Goldstone, Investment, Broadcom