Prossimo Advisors LLC has significantly reduced its investment in Broadcom Inc. (NASDAQ: AVGO), cutting its holdings by 72% during the third quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), Prossimo now owns 907 shares of the semiconductor manufacturer after selling 2,335 shares during the quarter. As of the end of September, Broadcom represented approximately 2.2% of Prossimo Advisors’ total investment portfolio, marking it as the company’s 15th largest position with a valuation of $299,000.
Several other institutional investors have also made adjustments to their holdings in Broadcom. For instance, Longfellow Investment Management Co. LLC acquired a new position valued at about $27,000 in the second quarter. Similarly, Legend Financial Advisors Inc. purchased shares worth approximately $28,000, while both Teachers Insurance & Annuity Association of America and LGT Financial Advisors LLC made new investments in Broadcom, each around $31,000. Overall, institutional investors now own 76.43% of Broadcom’s stock.
Broadcom’s Stock Performance and Dividend Increase
On Wednesday, shares of Broadcom opened at $332.60. The company has a market capitalization of $1.58 trillion and reported a price-to-earnings (P/E) ratio of 69.87. Additionally, Broadcom’s stock has fluctuated between a one-year low of $138.10 and a high of $414.61. The firm recently announced an increase in its quarterly dividend, which was issued on December 31, 2023. Shareholders of record on December 22 received a dividend of $0.65 per share, up from the previous $0.59, resulting in an annualized yield of 0.8%.
Analysts have responded positively to Broadcom’s performance. Oppenheimer raised its target price from $435.00 to $450.00, maintaining an “outperform” rating. Similarly, the Goldman Sachs Group reaffirmed a “buy” rating with a price objective of $450.00. Overall, Broadcom has garnered an average rating of “Buy” with a consensus price target of approximately $438.61.
Insider Transactions and Company Overview
In related news, Broadcom’s Chief Financial Officer, Kirsten M. Spears, sold 30,000 shares of the company’s stock on December 31, 2023, at an average price of $347.82, totaling $10,434,600. Following this transaction, Spears retained 277,237 shares valued at about $96,428,573.34. This sale marked a 9.76% decrease in her position. Additionally, insider Mark David Brazeal sold 38,281 shares on December 17, 2023, for approximately $12,542,769.65, resulting in a 12.56% decrease in his holdings.
In total, insiders sold 779,901 shares of Broadcom stock valued at $284,069,237 in the last quarter, with insiders now holding 2.00% of the company’s stock.
Broadcom Inc. is a leading global technology company headquartered in Irvine, California. It designs, develops, and supplies semiconductor and infrastructure software solutions across various markets, including wired and wireless communications, cloud storage, and networking. The company’s diverse portfolio encompasses system-on-chip (SoC) solutions, radio-frequency components, and networking silicon, serving original equipment manufacturers and cloud service providers globally.
