Goldstone Financial Group LLC Acquires Shares of Broadcom Inc.

Goldstone Financial Group LLC has taken a new position in Broadcom Inc. (NASDAQ:AVGO) during the third quarter, as reported in its latest 13F filing with the Securities and Exchange Commission. The firm acquired 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 recently adjusted their stakes in Broadcom. For instance, AXA S.A. raised its position in Broadcom by 2.7% in the second quarter, owning 291,078 shares valued at approximately $467 million after acquiring an additional 7,608 shares. Similarly, Whittier Trust Co. increased its investment in Broadcom significantly by 947.2% in the third quarter, now holding 689,858 shares worth about $119 million after buying 623,983 shares during the period. Summit Place Financial Advisors LLC also grew its holdings in Broadcom by 912.6%, now owning 9,802 shares valued at around $1.69 million after a purchase of 8,834 shares. Signaturefd LLC also raised its holdings by 913% in the last quarter, acquiring 78,977 shares worth $13.62 million. Godsey & Gibb Inc. similarly increased its stake by 887%, owning 180,672 shares valued at approximately $31.17 million after acquiring 162,366 shares in the last quarter. Notably, institutional investors now own about 76.43% of Broadcom’s stock.

Insider Transactions

In other news concerning Broadcom, CEO Hock E. Tan sold 50,000 shares on September 17th at an average price of $163.37, resulting in a total sale of $8.17 million. Following this transaction, Tan retains ownership of 1,331,910 shares valued at approximately $217.59 million, marking no change in ownership percentage. Another insider, Charlie B. Kawwas, sold 15,950 shares on October 11th at an average price of $181.44, generating $2.89 million from the sale. Kawwas now holds 737,330 shares valued at $133.78 million. Overall, insiders sold 311,080 shares amounting to about $53.54 million over the last 90 days, with corporate insiders holding 2% of the total shares.

Market Analysts' Insights

Recent commentary from market analysts regarding Broadcom has been mostly positive. William Blair started coverage on the semiconductor giant and rated it as “outperform” on September 18th. Benchmark maintained a “buy” rating, setting a price target of $210.00 per share. Moreover, JPMorgan Chase & Co. raised their price target from $200.00 to $210.00, also giving it an “overweight” rating. Rosenblatt Securities lowered its price target from $2,400.00 to $240.00 while still maintaining a “buy” rating. Morgan Stanley also adjusted its price target upwards from $176.00 to $180.00, reaffirming an “overweight” rating. Out of the analysts, two have rated the stock as a hold, twenty-four have given it a buy rating, and one has assigned a strong buy rating, resulting in an average rating of “Moderate Buy” with a consensus price target of $191.54.

Latest Broadcom Stock Performance

Current Stock Performance

As of last Friday, Broadcom’s shares (NASDAQ: AVGO) opened at $168.92. The company has a market capitalization of $786.3 billion and a price-to-earnings ratio of 146.89. With a PEG ratio of 2.84 and a beta of 1.17, Broadcom maintains a current ratio of 1.04 and a quick ratio of 0.94, alongside a debt-to-equity ratio of 1.02. The stock has experienced a range from a 12-month low of $86.00 to a high of $186.42, while currently reflecting a 50-day moving average of $168.94 and a 200-day moving average of $156.03.

Quarterly Earnings and Dividend Increase

Broadcom reported its latest quarterly earnings on September 5th, showing $1.24 earnings per share (EPS), exceeding analysts’ expectations of $1.20 by $0.04. The company posted a net margin of 10.88%, with a return on equity of 30.12%. Total revenue for the quarter was $13.07 billion, surpassing forecasts of $12.98 billion, and improving by 47.3% compared to the same quarter last year. Analysts are predicting an EPS of 3.78 for the current fiscal year. Furthermore, Broadcom has announced a quarterly dividend distribution of $0.53 per share, which was paid on September 30th. This marks an increase from the previous dividend amount, reflecting a $2.12 annual dividend yield, contrasting with a dividend payout ratio of 184.35%.

Company Overview

Broadcom Inc. specializes in designing, developing, and supplying various semiconductor devices. Their focus is on complex digital and mixed signal complementary metal oxide semiconductor-based devices, along with analog III-V based products on a global scale. The company operates in two primary segments: Semiconductor Solutions and Infrastructure Software.

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