BlueChip Wealth Advisors LLC has expanded its holdings in Broadcom Inc. (NASDAQ: AVGO) by 17.2% in the second quarter of 2023, as detailed in its recent 13F filing with the U.S. Securities and Exchange Commission (SEC). The firm acquired an additional 230 shares, bringing its total ownership to 1,567 shares. As of this filing, BlueChip’s investment in Broadcom is valued at approximately $432,000.
Other institutional investors have also adjusted their positions in Broadcom. For instance, Barnes Dennig Private Wealth Management LLC and Cheviot Value Management LLC each initiated new positions in the company during the first quarter, with investments of $25,000. Additionally, Sawyer & Company Inc increased its stake by 62.1% in the second quarter, now holding 94 shares worth about $26,000 after acquiring 36 shares in the last quarter. Legend Financial Advisors Inc. and Wood Tarver Financial Group LLC also made significant investments, with the latter boosting its holdings by 342.5% in the first quarter.
Broadcom’s Financial Performance
As of the latest trading session, Broadcom shares opened at $362.05. The company has experienced a 52-week low of $138.10 and a high of $374.23. Broadcom’s stock is currently supported by a 50-day moving average price of $332.60 and a 200-day moving average price of $277.81. With a market capitalization of $1.71 trillion, Broadcom shows a price-to-earnings (P/E) ratio of 92.36 and a price/earnings to growth (P/E/G) ratio of 1.99. The company maintains a debt-to-equity ratio of 0.86 and a current ratio of 1.50.
Recently, Broadcom announced a quarterly dividend of $0.59 per share, payable on September 30, 2023, to stockholders on record as of September 22, 2023. This dividend yields approximately 0.7%, with a payout ratio currently at 60.20%.
Insider Transactions and Analyst Ratings
In other developments, insider Charlie B. Kawwas sold 3,893 shares on September 17, 2023, for a total of $1,354,063.26, reducing his holdings to 25,295 shares. Additionally, CEO Hock E. Tan sold 148,154 shares on September 10, 2023, garnering $49,879,007.18 from the transaction. Following these sales, Tan holds 825,998 shares, valued at approximately $278,088,746.66.
Wall Street analysts have issued various ratings for Broadcom. Deutsche Bank Aktiengesellschaft recently set a target price of $400.00 with a “buy” rating. Argus raised its price objective from $285.00 to $375.00, while UBS Group set a target of $415.00. Bank of America also increased its target from $300.00 to $400.00. Currently, Broadcom has received 3 “Strong Buy” ratings, 30 “Buy” ratings, and 1 “Hold” rating, according to data from MarketBeat.com.
Broadcom Inc. specializes in designing, developing, and supplying semiconductor devices globally, focusing on complex digital and mixed-signal complementary metal-oxide-semiconductor devices and analog III-V based products. The company operates in two primary segments: Semiconductor Solutions and Infrastructure Software.
