Trust Asset Management LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Trust Asset Management LLC has significantly increased its investment in Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the third quarter, as reported in the firm's recent filing with the Securities and Exchange Commission. After acquiring an additional 43,551 shares, the company now owns a total of 48,390 shares of Broadcom's stock. This investment represents approximately 0.7% of Trust Asset Management LLC's overall portfolio, making it the firm's 15th largest holding. According to the most recent SEC filing, these holdings are valued at around $8,347,000.

Investments by Other Institutional Investors

Other institutional investors have also made significant adjustments to their positions in Broadcom. For instance, Castleview Partners LLC increased its stake in the company by an impressive 1,030.8% during the third quarter, raising its ownership to 147 shares valued at $25,000 after buying 134 additional shares. Similarly, Tsfg LLC raised its holdings in Broadcom by 1,073.7%, bringing its total to 223 shares valued at $38,000 after acquiring 204 shares. Cedar Wealth Management LLC also joined the trend, boosting its position by 900.0% and owning 240 shares worth $41,000 following the acquisition of 216 shares. Other firms, including Krane Funds Advisors LLC and Highline Wealth Partners LLC, have made new investments in Broadcom, valued at approximately $42,000 and $45,000, respectively. Overall, institutional investors and hedge funds collectively hold 76.43% of Broadcom's stock.

Analysts Provide Price Target Updates

A number of research analysts have recently issued updates regarding Broadcom's stock. Benchmark reaffirmed its "buy" rating along with a price target of $210.00. William Blair initiated coverage with an "outperform" rating on September 18th. Additionally, Truist Financial raised its price target for Broadcom from $204.00 to $205.00, while UBS Group increased its target from $170.00 to $200.00. Furthermore, Cantor Fitzgerald revised its price objective from $200.00 to $225.00, assigning the firm an "overweight" rating. The market consensus reveals that while two analysts have rated Broadcom as a hold, twenty-three have issued buy ratings, and one has given a strong buy designation. The average target price across these analyses stands at $195.96, with a consensus rating of "Moderate Buy."

Insider Trading Activity

In related news, Broadcom's CEO, Hock E. Tan, sold 50,000 shares of the company on September 17th, at an average price of $163.37. This transaction valued at $8,168,500 led to a 3.62% decrease in his holding, which now totals 1,331,910 shares, worth approximately $217,594,136. Insider Charlie B. Kawwas sold 25,200 shares on September 19th for a total of $4,240,404, resulting in a 3.24% decrease in his holdings, which now stand at 753,280 shares valued at around $126,754,425.60. Over the past ninety days, insiders have collectively sold a total of 311,080 shares, valued at $53,540,590. Currently, insiders retain ownership of about 2.00% of the company’s stock.

Broadcom's Financial Performance

As of Wednesday, shares of NASDAQ:AVGO opened at $164.74, with a market capitalization of $769.43 billion. The firm has shown strong financial performance, recently releasing earnings results that reported $1.24 EPS for the quarter, beating analysts' expectations of $1.20 by $0.04. Broadcom's revenue for the quarter reached $13.07 billion, surpassing the forecast of $12.98 billion. Year over year, revenue increased by 47.3%, with a net margin of 10.88% and a 30.12% return on equity. Analysts project that Broadcom will achieve an earnings per share of 3.78 for the current year.

Recent Dividend Increase

Broadcom also recently announced a quarterly dividend of $0.53 per share, which was paid on September 30th to shareholders on record as of September 19th. This reflects a continuation of the company's positive growth strategy. The firm’s annualized dividend stands at $2.12, which results in a yield of 1.29%. The current dividend payout ratio is reported at 184.19%.

Overview of Broadcom Inc.

Broadcom Inc. is a global leader in designing, developing, and supplying a wide range of semiconductor devices, focusing on complex digital and mixed-signal complementary metal oxide semiconductor-based products as well as analog III-V based products. Its operations are categorized into two major segments: Semiconductor Solutions and Infrastructure Software.

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