Gladstone Institutional Advisory LLC has reduced its holdings in Broadcom Inc. (NASDAQ: AVGO) by 4.0% during the third quarter of 2023. According to a report by Holdings Channel, the institutional investor now owns 53,040 shares of the semiconductor manufacturer, following the sale of 2,216 shares in that period. As of its most recent filing with the Securities and Exchange Commission, Gladstone’s stake in Broadcom is valued at approximately $17,498,000.
Other institutional investors have also been active in adjusting their positions in Broadcom. For instance, Arthur M. Cohen & Associates LLC increased its holdings by 0.6%, now owning 4,781 shares worth $1,577,000 after acquiring an additional 30 shares. McHugh Group LLC has similarly raised its stake by 0.4%, bringing its total to 8,433 shares valued at $2,782,000 after purchasing 31 more shares.
Meanwhile, BancFirst Trust & Investment Management boosted its position by 2.9%, owning 1,235 shares with a value of $405,000 following the acquisition of 35 additional shares. Heritage Oak Wealth Advisors LLC also increased its holdings by 4.4%, now owning 837 shares valued at $276,000. Currently, institutional investors and hedge funds hold approximately 76.43% of Broadcom’s stock.
Broadcom’s Stock Performance and Dividend Increase
Broadcom shares opened at $344.97 on a recent trading day, reflecting a 3.8% increase. The company’s 50-day simple moving average stands at $359.72, while the 200-day average is $330.93. Over the past year, Broadcom’s stock has fluctuated significantly, with a 52-week low of $138.10 and a high of $414.61. The company boasts a market capitalization of $1.64 trillion and a price-to-earnings ratio of 72.47.
In a positive development for shareholders, Broadcom declared a quarterly dividend of $0.65, which was paid on December 31, 2023. This marks an increase from the previous dividend of $0.59 per share. The annualized dividend now stands at $2.60, yielding approximately 0.8%. The ex-dividend date for this payment was December 22, 2023, and Broadcom’s dividend payout ratio is currently 54.62%.
Insider Activity and Analyst Ratings
Recent insider transactions show significant activity within Broadcom. CEO Hock E. Tan sold 70,000 shares on January 6, 2024, at an average price of $347.30, resulting in a total transaction of approximately $24.31 million. Post-sale, Tan holds 132,836 shares valued at about $46.13 million, representing a decrease of 34.51% in ownership.
Additionally, insider Mark David Brazeal sold 30,000 shares on the same day for an average price of $347.12, totaling approximately $10.41 million. Following this transaction, Brazeal owns 210,573 shares valued at around $73.09 million, which indicates a 12.47% reduction in ownership. In total, company insiders sold 780,701 shares valued at $284.35 million in the past three months.
Equities research analysts have shown a positive outlook for Broadcom. Evercore ISI raised its price target from $342.00 to $403.00, assigning an “outperform” rating. Similarly, Raymond James Financial set a target price of $420.00 and rated the stock as “outperform.” According to MarketBeat.com, Broadcom currently holds an average rating of “Buy” from analysts, with an average target price of $438.00.
Broadcom Inc., headquartered in Irvine, California, is a global technology leader that designs and develops semiconductor and infrastructure software solutions for various markets. Its semiconductor division provides a wide range of components and systems for wired and wireless communications, enterprise and cloud storage, networking, and broadband access. The company is committed to serving original equipment manufacturers, cloud service providers, telecommunications carriers, and industrial customers worldwide.
