Trust Asset Management LLC Increases Stake in Broadcom Inc.

Trust Asset Management LLC significantly boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by an impressive 900.0% during the third quarter, as noted in the company's latest filing with the Securities and Exchange Commission (SEC). After acquiring an additional 43,551 shares during this period, Trust Asset Management now owns a total of 48,390 shares in the semiconductor manufacturer. This acquisition represents approximately 0.7% of the firm’s overall holdings, making Broadcom its 15th largest investment. The value of Trust Asset Management LLC's interest in Broadcom reached approximately $8,347,000 according to their most recent SEC filing.

Investment Trends in Broadcom

Other institutional investors and hedge funds are also actively adjusting their stakes in Broadcom. During the third quarter, Castleview Partners LLC raised its holdings in Broadcom by a staggering 1,030.8%, acquiring a total of 147 shares now valued at about $25,000 after purchasing 134 additional shares. Tsfg LLC increased its holdings by 1,073.7%, bringing their total to 223 shares worth approximately $38,000 after acquiring 204 shares. Cedar Wealth Management LLC also made headlines by boosting its stake in Broadcom by 900.0%, now owning 240 shares valued at around $41,000 after purchasing 216 shares. Several other firms, including Krane Funds Advisors LLC and Highline Wealth Partners LLC, have similarly acquired new stakes in Broadcom, with institutional investors collectively owning about 76.43% of the company's stock.

Analysts Forecast Positive Outlook

In light of these developments, several research analysts have recently provided their insights and projected price targets for Broadcom's shares. Benchmark reaffirmed a "buy" rating for Broadcom, setting a target price of $210.00 in a report released on September 6th. On September 18th, William Blair commenced coverage with an "outperform" rating. Truist Financial raised its target price for Broadcom slightly from $204.00 to $205.00, maintaining a "buy" rating as of October 8th. UBS Group also increased their target from $170.00 to $200.00, sustaining a "buy" rating, while Cantor Fitzgerald enhanced their price objective from $200.00 to $225.00 on the same day. Currently, there are two analysts that have given the stock a hold rating, while twenty-three have rated it as a buy, indicating strong positive sentiment with an average target price of $195.96.

Insider Trading Insights

In related news, several company insiders have executed stock transactions recently. Broadcom's CEO, Hock E. Tan, sold 50,000 shares on September 17th, at an average price of $163.37, totaling approximately $8,168,500. This sale reflects a decrease of 3.62% in his position, leaving him with 1,331,910 shares valued at roughly $217,594,136.60. Additionally, insider Charlie B. Kawwas sold 25,200 shares on September 19th for approximately $4,240,404, also marking a 3.24% decline in his ownership. Over the past ninety days, insiders have sold 311,080 shares worth around $53,540,590, with insiders holding about 2.00% of the company's stock presently.

Broadcom Stock Performance

As of Wednesday, shares of Broadcom opened at $164.74, with the company having a market capitalization of $769.43 billion. It has a price-to-earnings (P/E) ratio of 143.13, a PEG ratio of 1.93, and a beta of 1.17. Broadcom's financial stability is reflected in its current ratio of 1.04 and a quick ratio of 0.94, with a debt-to-equity ratio of 1.02. The stock has seen a trading range with a 52-week low of $90.31 and a high of $186.42. As of now, the 50-day moving average stands at $173.76, while the 200-day moving average is at $161.09.

Recent Earnings and Dividend Announcement

Broadcom's most recent earnings results were announced on September 5th, showing an earnings per share (EPS) of $1.24, slightly surpassing analysts' estimates of $1.20 by $0.04. The company reported revenue of $13.07 billion for the quarter, exceeding the consensus estimate of $12.98 billion. Broadcom's year-over-year revenue growth was impressive at 47.3%, with expectations for an annual EPS of 3.78. Furthermore, on September 30th, Broadcom disclosed a quarterly dividend of $0.53 per share, unchanged from the previous amount. This translates to an annualized dividend of $2.12, resulting in a yield of 1.29% and a payout ratio of 184.19%.

About Broadcom Inc.

Broadcom Inc. is a global leader in designing, developing, and supplying various semiconductor devices, particularly those focusing on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products. The company operates in two main segments: Semiconductor Solutions and Infrastructure Software.

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