Broadcom Inc. (NASDAQ:AVGO) Position Lessened by Rhumbline Advisers

Rhumbline Advisers trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,688,457 shares of the semiconductor manufacturer's stock after selling 95,957 shares during the quarter. Broadcom comprises approximately 1.4% of Rhumbline Advisers' portfolio, making the stock its 8th largest holding. Rhumbline Advisers owned approximately 0.18% of Broadcom worth $1,454,708,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

AVGO traded up $2.85 during trading on Wednesday, reaching $259.70. The company's stock had a trading volume of 19,129,461 shares, compared to its average volume of 30,800,326. 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 company's fifty day moving average price is $198.47 and its 200-day moving average price is $204.62. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.31. The company has a market capitalization of $1.22 trillion, a price-to-earnings ratio of 211.83, a price-to-earnings-growth 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 authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently issued reports on AVGO. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley increased their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Oppenheimer lifted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. KeyCorp upped their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Finally, Mizuho boosted their price target on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $246.00.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 in the last three months. 2.00% of the stock is currently owned by company insiders.

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.