Atalanta Sosnoff Capital LLC has decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 15.8% during the first quarter of 2023, according to HoldingsChannel.com. The institutional investor now owns 583,383 shares of the semiconductor manufacturer, having sold 109,306 shares during the quarter. Broadcom represents approximately 2.3% of Atalanta Sosnoff Capital’s investment portfolio, making it the firm’s 14th largest position, with a total value standing at about $97.68 million.
A number of other institutional investors have also adjusted their positions in Broadcom. Vanguard Group Inc. increased its stake by 0.4% in the first quarter, acquiring an additional 2,085,534 shares, bringing its total to 477,220,137 shares worth approximately $79.90 billion. Price T Rowe Associates Inc. MD significantly raised its stake by 37.8%, now holding 65,509,579 shares valued at $10.97 billion after purchasing 17,985,046 shares in the same period.
Nuveen LLC made a notable entry by acquiring a new stake worth around $6.65 billion. Additionally, UBS Asset Management increased its holding by 1.7%, bringing its total to 34,401,379 shares valued at $7.98 billion. Charles Schwab Investment Management Inc. also raised its stake by 3.2%, now owning 33,852,310 shares worth approximately $5.67 billion. Overall, institutional investors and hedge funds now control 76.43% of Broadcom’s stock.
Analyst Ratings and Stock Performance
Broadcom has received several updates from financial analysts recently. Citigroup raised its price target from $285.00 to $315.00, maintaining a “buy” rating. Goldman Sachs reiterated a “buy” rating with a price objective of $340.00. HSBC upgraded Broadcom from a “hold” to a “buy” rating, setting a target of $400.00, while Oppenheimer lifted its target from $305.00 to $325.00.
According to MarketBeat, three analysts have rated Broadcom with a Strong Buy, while twenty-six have issued a Buy rating and one has given a Hold rating. The consensus rating for the semiconductor giant is “Buy,” with an average target price of $302.58.
As of Wednesday, Broadcom shares opened at $298.24. The company reports a quick ratio of 0.98, a current ratio of 1.08, and a debt-to-equity ratio of 0.89. Over the past year, Broadcom’s stock has fluctuated, with a low of $134.90 and a high of $317.35. The firm boasts a market capitalization of $1.40 trillion and a P/E ratio of 111.70.
Recent Financial Results and Insider Activity
Broadcom recently reported its earnings results for the quarter ending June 5, 2023. The firm posted earnings per share (EPS) of $1.58, surpassing analysts’ expectations of $1.57. The company generated revenue of $15 billion, exceeding the forecast of $14.98 billion, reflecting a year-over-year revenue increase of 20.2%.
In insider trading news, Director Gayla J. Delly sold 3,000 shares on June 26 at an average price of $265.13, totaling $795,390. Following this transaction, Delly holds 33,352 shares valued at approximately $8.84 million. Additionally, Director Henry Samueli sold 473,898 shares on June 25 for about $125.74 million, reducing his ownership by 1.23% to 38,188,575 shares valued at roughly $10.13 billion. Over the past ninety days, insiders have divested a total of 830,516 shares worth $217.29 million. Currently, insiders own 2.00% of Broadcom’s stock.
Broadcom Inc. is a leading designer and supplier of semiconductor devices, focusing on complex digital and mixed-signal complementary metal oxide semiconductor-based products, as well as analog III-V products. The company operates two major segments: Semiconductor Solutions and Infrastructure Software.
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