Selway Asset Management Sells 1,050 Shares of Broadcom Inc. (NASDAQ:AVGO)

Selway Asset Management cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,500 shares of the semiconductor manufacturer's stock after selling 1,050 shares during the period. Selway Asset Management's holdings in Broadcom were worth $586,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Bank & Trust Co boosted its stake in shares of Broadcom by 18.0% in the 1st quarter. Bank & Trust Co now owns 1,121 shares of the semiconductor manufacturer's stock worth $188,000 after buying an additional 171 shares during the last quarter. Capital Asset Advisory Services LLC boosted its position in Broadcom by 150.5% in the first quarter. Capital Asset Advisory Services LLC now owns 28,294 shares of the semiconductor manufacturer's stock worth $4,869,000 after purchasing an additional 16,998 shares during the last quarter. Swisher Financial Concepts Inc. grew its stake in Broadcom by 234.6% in the 1st quarter. Swisher Financial Concepts Inc. now owns 2,998 shares of the semiconductor manufacturer's stock valued at $502,000 after purchasing an additional 2,102 shares during the period. ST Germain D J Co. Inc. grew its stake in Broadcom by 9.7% in the 1st quarter. ST Germain D J Co. Inc. now owns 2,395 shares of the semiconductor manufacturer's stock valued at $401,000 after purchasing an additional 211 shares during the period. Finally, Merit Financial Group LLC increased its position 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 valued at $21,525,000 after purchasing an additional 17,326 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 1.6%

AVGO stock traded up $4.23 on Wednesday, reaching $261.08. The company's stock had a trading volume of 31,461,945 shares, compared to its average volume of 30,845,960. The firm has a market cap of $1.23 trillion, a PE ratio of 212.95, a PEG ratio of 2.29 and a beta of 1.11. The business has a fifty day simple moving average of $198.47 and a two-hundred day simple moving average of $204.62. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.31. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AVGO shares. Truist Financial increased their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Mizuho lifted their price target on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Bank of America decreased their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Benchmark reaffirmed a "buy" rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $246.00.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company's stock.

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.