Trust Asset Management LLC Increases Its Investment in Broadcom Inc.

Trust Asset Management LLC has significantly increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by a staggering 900.0% during the third quarter. This information was revealed in their latest filing with the Securities and Exchange Commission (SEC). Following this acquisition, the firm now holds 48,390 shares of the semiconductor manufacturer. The increase included an additional 43,551 shares bought during this period.

Broadcom now represents about 0.7% of Trust Asset Management LLC's total portfolio, positioning it as the 15th largest holding within their investment strategy. Based on the most recent filing, the value of Trust Asset Management LLC's holdings in Broadcom amounts to around $8,347,000.

Changes in Other Institutional Holdings

A number of other institutional investors have also adjusted their investments in Broadcom throughout the most recent quarter. For instance, Castleview Partners LLC increased its stake in Broadcom by an impressive 1,030.8%, bringing its total to 147 shares valued at approximately $25,000 after acquiring an additional 134 shares. Tsfg LLC followed suit with an even more remarkable increase of 1,073.7%, owning 223 shares valued at around $38,000 after purchasing 204 extra shares.

Additionally, Cedar Wealth Management LLC also boosted its holdings by 900.0%, accumulating 240 shares worth about $41,000. New entrants included Krane Funds Advisors LLC and Highline Wealth Partners LLC, investing approximately $42,000 and $45,000 respectively. Notably, institutional investors and hedge funds collectively own 76.43% of Broadcom's stock.

Analysts and Price Targets

As several research analysts share their perspectives, Broadcom has received attention from various financial institutions. For instance, Benchmark reaffirmed a “buy” rating with a target price of $210.00 for the company's shares as of September 6th. William Blair initiated coverage with an “outperform” rating on September 18th.

Truist Financial increased its price target from $204.00 to $205.00 based on a report dated October 8th where they also rated the stock as “buy.” Furthermore, UBS Group raised their price target on Broadcom from $170.00 to $200.00 in a report on November 4th, maintaining a “buy” rating. Cantor Fitzgerald also stated an increase in its price target from $200.00 to $225.00 on the same day, giving the stock an “overweight” rating.

Currently, two analysts have a hold rating, while twenty-three have issued buy ratings, and one analyst has given a strong buy rating. Based on MarketBeat data, Broadcom holds a consensus rating of "Moderate Buy" with an average target price of $195.96.

Insider Trading Activity

In recent transactions, CEO Hock E. Tan sold 50,000 shares on September 17th at an average price of $163.37, totaling $8,168,500. After this sale, Tan holds 1,331,910 shares valued at approximately $217,594,136.70, reflecting a decrease of 3.62% in his holdings.

Another insider, Charlie B. Kawwas, sold 25,200 shares on September 19th at an average price of $168.27, amounting to $4,240,404. After this sale, Kawwas retains ownership of 753,280 shares, valued around $126,754,425.60, marking a 3.24% drop in ownership. Over the last ninety days, insiders have sold a cumulative total of 311,080 shares valued at $53,540,590, and currently, insiders hold 2.00% of the stock.

Current Price Performance

As of Wednesday, shares of NASDAQ:AVGO opened at $164.74. Broadcom boasts a market capitalization of $769.43 billion, exhibiting a P/E ratio of 143.13 and a PEG ratio of 1.93. The company has a current ratio of 1.04, a quick ratio of 0.94, and a debt-to-equity ratio of 1.02. The 52-week trading range for Broadcom is between $90.31 and $186.42, with its 50-day moving average standing at $173.76 and the 200-day moving average at $161.09.

Broadcom Inc. recently reported its earnings for the quarter ending September 5th, revealing an EPS of $1.24, surpassing analysts' expectations of $1.20 by $0.04. The company generated revenues of $13.07 billion during the quarter, which also exceeded the expected $12.98 billion. Broadcom's revenue increased by 47.3% year-over-year, compared to a previous EPS of $0.95 during the same quarter last year. Future earnings projections for Broadcom Inc. suggest an EPS of 3.78 for the current year.

Dividend Information

In a recent announcement, Broadcom declared a quarterly dividend of $0.53 per share, which was paid out on September 30th to shareholders on record as of September 19th, with the ex-dividend date being the same day. This marks an increase from Broadcom's previous quarterly dividend and indicates an annualized yield of 1.29%, with a total dividend payout ratio of 184.19%.

About Broadcom Inc.

Broadcom Inc. is a leading company in the design and manufacturing of semiconductor devices that focus on advanced digital and mixed-signal complementary metal oxide semiconductor technologies and analog III-V products. The company operates through two main segments: Semiconductor Solutions and Infrastructure Software.

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