HBW Advisory Services LLC Has $2.49 Million Position in Broadcom Inc. (NASDAQ:AVGO)

HBW Advisory Services LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 50.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,867 shares of the semiconductor manufacturer's stock after selling 15,414 shares during the quarter. HBW Advisory Services LLC's holdings in Broadcom were worth $2,489,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. ST Germain D J Co. Inc. raised its position in Broadcom by 9.7% in the first quarter. ST Germain D J Co. Inc. now owns 2,395 shares of the semiconductor manufacturer's stock worth $401,000 after acquiring an additional 211 shares in the last quarter. Merit Financial Group LLC grew its stake in shares of Broadcom by 15.6% during the 1st quarter. Merit Financial Group LLC now owns 128,564 shares of the semiconductor manufacturer's stock worth $21,525,000 after purchasing an additional 17,326 shares during the period. Baxter Bros Inc. increased its holdings in shares of Broadcom by 14.6% in the 1st quarter. Baxter Bros Inc. now owns 2,345 shares of the semiconductor manufacturer's stock valued at $393,000 after purchasing an additional 298 shares in the last quarter. Paladin Wealth LLC lifted its stake in shares of Broadcom by 1.1% in the first quarter. Paladin Wealth LLC now owns 5,999 shares of the semiconductor manufacturer's stock valued at $1,004,000 after purchasing an additional 65 shares during the period. Finally, Lbmc Investment Advisors LLC boosted its holdings in Broadcom by 50.3% during the first quarter. Lbmc Investment Advisors LLC now owns 1,494 shares of the semiconductor manufacturer's stock worth $250,000 after buying an additional 500 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Bank of America dropped their price target on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Citigroup boosted their price objective on shares of Broadcom from $210.00 to $276.00 and gave the stock a "buy" rating in a research report on Tuesday. Truist Financial increased their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Finally, Barclays reduced their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $246.00.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Down 0.4%

NASDAQ AVGO traded down $1.15 on Thursday, hitting $259.93. 37,546,295 shares of the company were exchanged, compared to its average volume of 30,909,231. The company's 50 day moving average price is $200.31 and its 200-day moving average price is $205.00. The firm has a market capitalization of $1.22 trillion, a P/E ratio of 212.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

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.