Crossmark Global Holdings Inc. has enhanced its investment in Broadcom Inc. (NASDAQ: AVGO) by 3.0% during the third quarter of 2023, according to a recent report from Holdings Channel. The institutional investor now holds a total of 371,946 shares of the semiconductor giant, following the acquisition of an additional 10,878 shares in that period. Broadcom represents approximately 1.8% of Crossmark’s overall portfolio, making it the firm’s fourth largest holding, valued at approximately $122,709,000 as per its latest Securities and Exchange Commission (SEC) filing.
Several other institutional investors have also made significant adjustments to their positions in Broadcom. For instance, Vanguard Group Inc. increased its stake by 1.3% in the second quarter, owning 483,442,939 shares valued at $133.26 billion after acquiring an additional 6,222,802 shares. State Street Corp raised its holdings by 0.5%, now owning 185,276,987 shares worth $51.07 billion. Similarly, Geode Capital Management LLC grew its stake by 2.1%, owning 108,610,718 shares valued at $29.83 billion. Norges Bank entered the scene with a new stake valued at approximately $18.58 billion, while Invesco Ltd. raised its holdings by 8.4%, now controlling 38,449,630 shares valued at $10.60 billion.
As it stands, institutional investors and hedge funds collectively own 76.43% of Broadcom’s stock, reflecting strong institutional confidence in the company.
Broadcom Stock Performance and Dividend Increase
Broadcom’s stock opened at $317.53 on Thursday, marking a 1.2% increase. The company has experienced a fifty-two week range with a low of $138.10 and a high of $414.61. Broadcom boasts a market capitalization of $1.51 trillion, a price-to-earnings ratio of 66.71, and a current ratio of 1.71. The company’s recent quarterly dividend of $0.65, paid on December 31, 2023, reflects an increase from the previous $0.59 dividend. This new dividend rate translates to an annualized payout of $2.60, yielding 0.8%.
Analyst ratings have shown a generally optimistic outlook for Broadcom. Two analysts have rated the stock as a Strong Buy, while thirty have assigned a Buy rating, leading to a consensus rating of “Buy” with an average target price of $432.13, according to MarketBeat.com.
Recent Developments and Insider Activity
Recent performance data indicates positive trends for Broadcom. The company reported non-GAAP earnings per share (EPS) of $2.05 and revenues of $19.31 billion for the first quarter of 2023, surpassing estimates and demonstrating strong margins. Management has also guided for second-quarter revenues around $22.0 billion, exceeding the consensus estimate of $20.4 billion, which suggests sustained demand for data-center and AI-related products.
In terms of insider activity, Director Harry L. You acquired 1,000 shares at an average cost of $325.13 per share, increasing his stake by 2.81%. Conversely, insider Charlie B. Kawwas sold 1,928 shares at an average price of $327.80, resulting in a 7.56% decrease in his ownership. Over the past 90 days, insiders have sold 779,101 shares valued at approximately $283.80 million.
Broadcom Inc., headquartered in Irvine, California, is a prominent player in the technology sector, providing semiconductor and infrastructure software solutions to various markets. Its extensive portfolio includes components for both wired and wireless communications, enterprise and cloud storage, and networking and broadband access.
As Broadcom continues to expand its market presence and innovate in the semiconductor space, investor interest remains strong, underpinned by solid performance metrics and strategic growth initiatives.
