Goldstone Financial Group LLC Acquires Shares of Broadcom Inc.

Goldstone Financial Group LLC has taken a new step by acquiring a position in Broadcom Inc. (NASDAQ:AVGO) during the third quarter, as per its recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,751 shares in the semiconductor company, which is valued at approximately $819,000.

In addition to Goldstone Financial, other institutional investors and hedge funds have made adjustments to their stakes in Broadcom. For instance, AXA S.A. increased its holdings by 2.7% in the second quarter, now owning 291,078 shares valued at $467,334,000 after acquiring an additional 7,608 shares. Similarly, Whittier Trust Co. significantly boosted its holdings by 947.2% in the third quarter, bringing its total to 689,858 shares worth $119,000,000 after buying an additional 623,983 shares. Summit Place Financial Advisors LLC raised its stake by 912.6% during the same quarter, now owning 9,802 shares valued at $1,691,000 after purchasing an additional 8,834 shares.

Moreover, Signaturefd LLC increased its holdings by 913.0% in the third quarter, with 78,977 shares now valued at $13,624,000 following an acquisition of 71,181 shares. Godsey & Gibb Inc. also lifted its position by 887.0% during this period, acquiring a total of 180,672 shares valued at $31,166,000. Ultimately, institutional investors own a substantial 76.43% of Broadcom's stock.

Insider Trading Activities

In recent insider trading news, CEO Hock E. Tan sold 50,000 shares of the company on September 17, 2023, at an average price of $163.37, amounting to $8,168,500. After this transaction, he holds 1,331,910 shares valued at approximately $217,594,136.70. On October 11, insider Charlie B. Kawwas sold 15,950 shares at an average price of $181.44, totaling $2,893,968. This sale resulted in Kawwas holding 737,330 shares valued at $133,781,155.20. Over the last 90 days, insiders have sold a total of 311,080 shares valued at $53,540,590, and corporate insiders collectively own 2.00% of the company's stock.

Analyst Ratings and Market Performance

Several equity analysts have provided their insights regarding Broadcom shares. William Blair began coverage with an “outperform” rating on September 18, while Benchmark reaffirmed a “buy” rating with a price target of $210.00. JPMorgan Chase & Co. raised their target price from $200.00 to $210.00 and rated the company as “overweight.” Conversely, Rosenblatt Securities reduced their price target from $2,400.00 to $240.00, continuing with a “buy” rating on Broadcom. Morgan Stanley also increased their price objective from $176.00 to $180.00, maintaining an “overweight” rating. A total of 24 analysts have issued a buy rating, and only one has classified it as a strong buy, with the consensus rating being “Moderate Buy” and a price target averaging $191.54.

Broadcom's stock price opened at $168.92, reflecting a slight decrease of 0.5%. The company boasts a market capitalization of $786.30 billion, a price-to-earnings ratio of 146.89, and a beta of 1.17. The company has a current ratio of 1.04 and a quick ratio of 0.94, with a debt-to-equity ratio of 1.02. Its stock has seen a low of $86.00 and a high of $186.42 in the last 12 months.

Broadcom recently reported its quarterly earnings, beating expectations with earnings per share (EPS) of $1.24 against the forecast of $1.20. The firm had revenue of $13.07 billion, surpassing analyst expectations of $12.98 billion, marking a significant 47.3% increase compared to the previous year.

Dividend Announcement

Broadcom has also announced a quarterly dividend, which was paid on September 30. Investors who held shares on September 19 received a dividend of $0.53 per share, unchanged from the previous quarter. This results in an annualized dividend of $2.12, yielding a dividend rate of 1.26%. The company's dividend payout ratio stands at 184.35%.

About Broadcom Inc.

Broadcom Inc. engages in designing, developing, and supplying various semiconductor devices, particularly focusing on complex digital and mixed-signal complementary metal oxide semiconductor-based devices and analog III-V products worldwide. The company functions through two primary segments: Semiconductor Solutions and Infrastructure Software.

Broadcom, Investment, Shares