Broadcom Inc. (NASDAQ:AVGO) Stock Position Lowered by Bay Rivers Group

Bay Rivers Group cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 10.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 57,743 shares of the semiconductor manufacturer’s stock after selling 6,740 shares during the quarter. Broadcom makes up about 5.1% of Bay Rivers Group’s investment portfolio, making the stock its 3rd largest position. Bay Rivers Group’s holdings in Broadcom were worth $9,668,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC lifted its holdings in Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank purchased a new position in Broadcom in the 4th quarter valued at about $16,893,010,000. Finally, Northern Trust Corp lifted its holdings in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 1.6%

NASDAQ AVGO opened at $261.08 on Thursday. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company’s 50 day moving average price is $200.31 and its 200 day moving average price is $205.00. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a market capitalization of $1.23 trillion, a price-to-earnings ratio of 212.95, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom announced that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on AVGO. Morgan Stanley upped their target price on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Truist Financial upped their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. Bank of America reduced their target price on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $246.00.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.