Cascade Investment Group Inc. has recently announced a significant decrease in its investment in Broadcom Inc. (NASDAQ: AVGO), reducing its holdings by 36.4% during the third quarter, according to a 13F filing with the Securities and Exchange Commission. The firm now owns 4,717 shares of the semiconductor giant after selling 2,697 shares. Broadcom now constitutes approximately 1.0% of Cascade’s portfolio, positioning it as the 25th largest investment for the firm, valued at around $1,556,000.
In addition to Cascade Investment Group, other hedge funds have also adjusted their investment stakes in Broadcom. For example, Assetmark Inc. increased its holdings by 2.4% in the second quarter, acquiring an additional 39,466 shares, bringing its total to 1,703,487 shares valued at $469,566,000. Other notable movements include Capital Counsel LLC NY, which entered a new position valued at $221,000, and Waterloo Capital L.P., which raised its stake by 7.0% to now hold 48,361 shares worth approximately $13.33 million.
Insider trading activities at Broadcom have also been noteworthy. Director Harry L. You purchased 1,000 shares on December 18, bringing his total ownership to 36,602 shares valued at about $11.9 million. Conversely, insider Mark David Brazeal sold 30,000 shares on January 6, decreasing his position by 12.47%. Over the last three months, insiders have sold a total of 779,901 shares, amounting to $284 million.
On the trading front, Broadcom stock recently opened at $320.12, representing a decrease of 1.6%. The company has shown robust financial performance with a market capitalization of approximately $1.52 trillion and a twelve month performance range between a low of $138.10 and a high of $414.61. In its latest earnings report, Broadcom outperformed expectations with earnings of $1.95 per share and revenues of $18.02 billion, indicating a year-over-year revenue increase of 28.2%.
Broadcom also recently raised its quarterly dividend from $0.59 to $0.65 per share, reflecting a positive outlook on the company’s ongoing profitability. Analysts continue to maintain strong ratings for Broadcom, with the stock receiving an average rating of “Buy” and a consensus price target of $438.61 from various investment firms.
With a solid infrastructure set in place and positive earnings momentum, Broadcom Inc. appears well-positioned for continued growth in the semiconductor sector, which is vital for a wide array of technological applications ranging from communications to cloud storage. This positive trajectory, combined with strategic adjustments by institutional investors, reflects a hopeful outlook for Broadcom as it navigates the complexities of the tech market.