Wright Investors Service Inc. cut its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,409 shares of the semiconductor manufacturer's stock after selling 3,791 shares during the period. Broadcom accounts for about 2.3% of Wright Investors Service Inc.'s investment portfolio, making the stock its 10th largest position. Wright Investors Service Inc.'s holdings in Broadcom were worth $6,933,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Canton Hathaway LLC bought a new position in shares of Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the 4th quarter worth $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter worth about $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.
Broadcom Stock Performance
Shares of NASDAQ:AVGO traded up $3.11 during midday trading on Wednesday, reaching $259.96. The company had a trading volume of 20,735,081 shares, compared to its average volume of 30,805,112. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.31. The company's 50 day moving average price is $198.47 and its 200 day moving average price is $204.62. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.22 trillion, a P/E ratio of 212.04, a P/E/G ratio of 2.29 and a beta of 1.11.
Broadcom announced that its Board of Directors has authorized a share 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 typically an indication that the company's board believes its shares are undervalued.
Wall Street Analyst Weigh In
AVGO has been the topic of several analyst reports. Redburn Atlantic started coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price on the stock. Barclays dropped their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Bank of America cut their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Rosenblatt Securities reissued a "buy" rating and set a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, Benchmark reaffirmed a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $246.00.
Check Out Our Latest Research Report on AVGO
About Broadcom
(
Free Report)
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.
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