Jaffetilchin Investment Partners LLC has increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.3% during the second quarter of 2023. This adjustment was disclosed in the firm’s most recent filing with the Securities and Exchange Commission (SEC). Following the acquisition of an additional 2,015 shares, Jaffetilchin now holds a total of 23,767 shares in the semiconductor manufacturer, valued at approximately $6.55 million.
Changes in institutional holdings have been notable, with several hedge funds adjusting their positions in Broadcom. Sawyer & Company Inc. boosted its stake by 62.1%, now owning 94 shares worth around $26,000 after purchasing 36 additional shares. Longfellow Investment Management Co. LLC also entered the market with a new stake valued at about $27,000. Other firms, including Legend Financial Advisors Inc. and LGT Financial Advisors LLC, acquired new positions worth approximately $28,000 and $31,000, respectively. Collectively, institutional investors now own 76.43% of Broadcom’s stock.
Analysts Predict Positive Growth for Broadcom
Wall Street analysts have expressed optimism regarding Broadcom’s future performance. On October 14, Citigroup reaffirmed a “buy” rating, raising its target price to $415.00, up from a previous target of $350.00. Barclays also set a price objective of $450.00 with an “overweight” rating. Other notable upgrades include a “strong-buy” rating from Arete Research and increased target prices from Argus and Bank of America, with the latter raising its target from $300.00 to $400.00.
Currently, Broadcom has received three “strong buy” ratings, thirty “buy” ratings, and two “hold” ratings, resulting in a consensus rating of “buy” and a target price averaging $374.21, according to data from MarketBeat.
Insider Trading Activity and Financial Performance
In related news, insider Mark David Brazeal sold 16,558 shares of Broadcom on September 17 at an average price of $347.61, amounting to a total of $5.76 million. Post-sale, he retained 329,302 shares valued at approximately $114.47 million, reflecting a 4.79% decrease in his ownership. Similarly, Chief Financial Officer Kirsten M. Spears sold 7,498 shares on the same date for an average of $347.66, totaling $2.61 million, reducing her stake by 2.34%.
In the past 90 days, insiders have purchased 3,550 shares worth $1.23 million while selling 665,271 shares valued at $225.48 million. Currently, insiders hold 2.00% of Broadcom’s stock.
Broadcom opened at $340.20 on Monday, with a 52-week low of $138.10 and a high of $386.48. The company has a market capitalization of $1.61 trillion and a price-to-earnings ratio of 86.79. In its latest earnings report, Broadcom exceeded analysts’ expectations, reporting earnings of $1.69 per share against a consensus estimate of $1.66. Revenue for the quarter reached $15.95 billion, surpassing the expected $15.82 billion.
Broadcom also announced a quarterly dividend of $0.59 per share on September 30, reflecting an annualized yield of 0.7%. Shareholders of record as of September 22 received this dividend, and the ex-dividend date was the same.
Broadcom Inc. specializes in designing, developing, and supplying semiconductor devices, focusing on complex digital and mixed-signal complementary metal oxide semiconductor products and analog III-V products globally. The company operates in two primary segments: Semiconductor Solutions and Infrastructure Software.
