Trust Asset Management LLC Increases Stake in Broadcom Inc. by 900%

Trust Asset Management LLC has significantly increased its investment in Broadcom Inc. (NASDAQ:AVGO) during the third quarter of the year. According to the firm's latest filing with the Securities and Exchange Commission, Trust Asset Management grew its stock holdings in Broadcom by a remarkable 900%. After acquiring an additional 43,551 shares during this period, Trust Asset Management now holds 48,390 shares in the semiconductor company.

This increase means that Broadcom represents about 0.7% of Trust Asset Management LLC's total portfolio, making it the firm's 15th largest investment. As per the recent SEC filing, the value of Trust Asset Management's holdings in Broadcom amounted to approximately $8,347,000.

Other Institutional Investors Modify Positions

In addition to Trust Asset Management, several other hedge funds and institutional investors adjusted their positions in AVGO during the same quarter. Castleview Partners LLC raised its stake by an astounding 1,030.8%, now owning 147 shares worth about $25,000 after buying an additional 134 shares. Similarly, Tsfg LLC increased its holdings by 1,073.7%, resulting in ownership of 223 shares valued at approximately $38,000. Cedar Wealth Management LLC also made a notable increase of 900% to own 240 shares worth about $41,000.

Krane Funds Advisors LLC entered a new position in Broadcom worth around $42,000, and Highline Wealth Partners LLC established a new stake valued at approximately $45,000. Collectively, institutional investors hold about 76.43% of Broadcom's stock.

Analysts Update Price Forecasts

Research analysts have recently provided updated analyses and ratings for Broadcom. Benchmark affirmed a "buy" rating and set a target price of $210.00 per share. William Blair initiated coverage with an "outperform" rating, while Truist Financial raised its price target from $204.00 to $205.00, maintaining a "buy" rating. UBS Group also increased its target to $200.00, affirming it as a "buy". Meanwhile, Cantor Fitzgerald lifted its price objective from $200.00 to $225.00, assigning an "overweight" rating.

Currently, two analysts have given the stock a hold rating, while twenty-three have issued buy ratings and one has a strong buy rating. Overall, Broadcom has a consensus rating of "Moderate Buy" and an average target price of $195.96.

Insider Trading Activity

In related news, Hock E. Tan, the CEO of Broadcom, sold 50,000 shares on September 17th at an average price of $163.37, totaling approximately $8,168,500. Following this transaction, Tan retains about 1,331,910 shares worth around $217,594,136. Another insider, Charlie B. Kawwas, sold 25,200 shares on September 19th at an average price of $168.27, totaling approximately $4,240,404. These sales represent decreases of 3.62% and 3.24% in each insider's respective positions. Over the past ninety days, insiders have sold a total of 311,080 shares valued at about $53,540,590, which amounts to 2.00% of the company's shares owned by insiders.

Broadcom's Stock Performance

Broadcom's stocks opened at $164.74 recently, reflecting a market capitalization of $769.43 billion. The company has a P/E ratio of 143.13, a PEG ratio of 1.93, and a beta of 1.17. With a current ratio of 1.04 and a quick ratio of 0.94, Broadcom also has a debt-to-equity ratio of 1.02. The stock has fluctuated between a 52-week low of $90.31 and a high of $186.42. Its 50-day moving average stands at $173.76, while the two-hundred-day moving average is $161.09.

Recently, Broadcom reported its earnings results for the quarter ending September 5th, showcasing an EPS of $1.24, surpassing analysts' estimates of $1.20 by $0.04. The company's revenue during this period reached $13.07 billion, exceeding predictions of $12.98 billion. Broadcom recorded a net margin of 10.88% and a return on equity of 30.12%, with a year-over-year revenue increase of 47.3%. Analysts forecast that the company will post an earnings per share (EPS) of 3.78 for the current year.

Dividend Increases

On an encouraging note, Broadcom announced a quarterly dividend, which was paid on September 30th. Shareholders on record as of September 19th received $0.53 per share. This increase marks a positive change from Broadcom's previous quarterly dividend. The annualized dividend now amounts to $2.12, resulting in a yield of 1.29%. However, the company's dividend payout ratio is currently quite high at 184.19%.

About Broadcom

Broadcom Inc. is known for designing, developing, and supplying a wide range of semiconductor devices, specializing in complex digital and mixed signal complementary metal oxide semiconductor-based devices. The company operates primarily through two segments: Semiconductor Solutions and Infrastructure Software.

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