Lafayette Investments Inc. has increased its ownership in Broadcom Inc. (NASDAQ: AVGO) by 15.9% during the second quarter of 2023. According to its most recent filing with the Securities and Exchange Commission, the investment firm now holds 6,030 shares of the semiconductor manufacturer, after acquiring an additional 825 shares.
As of the latest filing, Lafayette Investments’ holdings in Broadcom are valued at approximately $1.66 million. This increase in stake reflects a broader trend among institutional investors, with several hedge funds adjusting their positions in the company.
PARUS FINANCE UK Ltd significantly expanded its shares in Broadcom by 175.3% in the first quarter, now owning 100,578 shares worth about $16.84 million after acquiring an additional 64,038 shares. Geneos Wealth Management Inc. also grew its position by 27.9%, holding 64,130 shares valued at $10.74 million.
Other notable increases include Asio Capital LLC, which raised its stake by 2.0%, now owning 54,459 shares worth $15.01 million, and Keener Financial Planning LLC, which increased its holdings by 34.8% to 890 shares, valued at $149,000. Diversify Wealth Management LLC added 5.6% to its position, resulting in ownership of 38,016 shares worth $6.37 million. Overall, institutional investors and hedge funds own 76.43% of Broadcom’s stock.
Analyst Ratings and Price Targets
Recent evaluations from equity analysts indicate a strong outlook for Broadcom. Truist Financial raised its target price to $365.00, maintaining a “buy” rating. Deutsche Bank Aktiengesellschaft set a target at $400.00 with a similar stance, while Argus increased its target from $285.00 to $375.00.
As of now, Broadcom has received three “Strong Buy” ratings, thirty “Buy” ratings, and one “Hold” rating from analysts. According to MarketBeat, the stock currently holds a consensus rating of “Buy” with a target price averaging $372.52.
Financial Performance and Dividend Declarations
Broadcom’s stock opened at $354.13 on Monday, reflecting a robust market position. The company has a market capitalization of $1.67 trillion, with a price-to-earnings ratio of 90.34. The stock has fluctuated between a fifty-two week low of $138.10 and a high of $374.23.
In its latest earnings report dated September 4, 2023, Broadcom reported earnings per share (EPS) of $1.69, surpassing analysts’ expectations of $1.66. The company also achieved revenue of $15.95 billion, exceeding estimates of $15.82 billion and marking a 22.0% increase compared to the same quarter last year.
Recently, Broadcom declared a quarterly dividend of $0.59 per share, paid to shareholders on September 30, 2023. This represents an annualized dividend of $2.36 with a yield of 0.7%. The company’s payout ratio stands at 60.20%.
In terms of insider activity, Director Henry Samueli sold 368,797 shares on September 24, 2023, generating approximately $124.62 million. Following this transaction, Samueli retained 37,722,534 shares valued at around $12.75 billion. Additionally, CFO Kirsten M. Spears sold 7,498 shares on September 17, 2023, for a total value of $2.61 million.
Broadcom Inc. specializes in designing and supplying a variety of semiconductor devices globally. The company operates through two primary segments: Semiconductor Solutions and Infrastructure Software.
