Koshinski Asset Management Inc., a notable institutional investor in the semiconductor manufacturer Broadcom Inc. (NASDAQ: AVGO), has recently reduced its position in the company’s shares by 1.3% in the first quarter, according to reports obtained from its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm sold out 142 shares of Broadcom, thereby controlling just 10,976 units of the company. This move leaves Broadcom with only 0.7% of Koshinski Asset Management Inc.’s portfolio, making it the 27th largest holding investment of the institution. At the end of Q1, 2023; Koshinski Asset Management’s holdings in Broadcom amounted to $7,042,000.
In May this year, Stocknews.com released a research report on Broadcom stating a “buy” rating for the company while Wells Fargo & Company increased their price target on shares of Broadcom from $600.00 to $800 in June this year – signaling significant confidence among industry experts towards versatile chipmaker despite rumours of plummeting sales in some markets.
Broadcom is expected to pay out its quarterly dividend on Friday, June 30th this year to shareholders whose names appear on record at close-of-business Wednesday, June 21st – an upcoming event that may function as a catalyst for many investors who are thinking about advancing their financial positions with numerous companies paying high dividends already declared over recent weeks.
On average terms, fifteen equities research analysts have given buy ratings for shares of Broadcom compared to just three hold ratings according to data from Bloomberg.com as of June 22nd this year – indicating how bullish major industry analysts are about investing funds into Broadcom stock over other alternatives in today’s growing market context . With a current average price target set at $794.21; though there have been mixed opinions within different segments of expert opinion on these emerging technologies and consumer electronics products, it seems that overall Broadcom is poised to record an impressive YTD performance in 2023. The company will hopefully continue producing innovative products for global markets very soon as the impact of this ongoing Covid19 pandemic lessens.
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Institutional Investors Make Major Moves on Broadcom Inc. Amidst Soaring Share Prices
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”AVGO” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Broadcom Inc. (NASDAQ:AVGO) has been capturing the attention of institutional investors lately, with several large-scale changes to their positions in the popular semiconductor manufacturer. The moves come as share values have surged since the start of 2023, which saw prices soar from $415.07 at the beginning of January 2023 to over $900 at the end of Q2.
Fiduciary Alliance LLC kicked off this investment activity by buying a new position in Broadcom during Q4 2022 worth around $26,000. This led to Godsey & Gibb Inc. increasing its position in shares of Broadcom by 500%, culminating in them owning 60 shares worth an estimated $34,000 today.
Similarly, Johnson Midwest Financial LLC raised its stake in Broadcom by 82.4% also during Q4 last year and Grey Fox Wealth Advisors LLC bought a new stake valued at $39,000 around the same period. Neo Ivy Capital Management followed suit before year-end with new positions acquired for an estimated value of close to $40,000.
These major deals by institutional investors are driving up stock prices in Broadcom, keeping things buoyant while insiders continue their own quiet trading activities behind the scenes.
In a recent filing with the Securities & Exchange Commission (SEC), Charlie B. Kawwas reportedly sold 1,645 shares on June 8th for an average price tag of $801.33 per share – totaling approximately $1,318,187 and leaving him holding just over 75k remaining shares post-sale. Mr. Kawwas previously sold significant amounts on two separate occasions within the past three months that totaled 15,385 shares fetching over $10 million.
On his part Raul J Fernandez meanwhile disclosed having sold 740 shares of Broadcom stock back on March 27th – leaving him with some 1,213 shares currently valued at over $775,000 at present calculations. All of these insider selling paints a mixed picture and one may wonder whether this signals anything ominous for the future or if it’s just everyday business.
At the same time, Broadcom announced a quarterly dividend payment coming up this June 30th, payable to shareholders of record on June 22nd with an ex-dividend date set one day prior on June 21st. This will be in the form of a $4.60 dividend per share representing an annualized payout yield of around 2.17%.
As for financial performance, Q2 net income impressed analysts and investors alike as EPS came in over $10 per share compared to consensus estimates barely above $10.12 per share. Sell-side analysts covering the stock now anticipate Broadcom Inc. hitting around $38 per share earnings by year-end.
While there’s certainly scope for fluctuations, clearly something appears to be going right within Broadcom Inc., making it one of the most talked-about companies among institutional and retail investors at present as we approach end-of-quarter reports later this year.
