Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Amplius Wealth Advisors LLC

Amplius Wealth Advisors LLC decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.0% during the first quarter, HoldingsChannel reports. The firm owned 10,774 shares of the semiconductor manufacturer’s stock after selling 336 shares during the quarter. Amplius Wealth Advisors LLC’s holdings in Broadcom were worth $1,804,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in AVGO. Norges Bank purchased a new stake in shares of Broadcom in the 4th quarter valued at $16,893,010,000. GAMMA Investing LLC boosted its holdings in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after buying an additional 15,171,849 shares in the last quarter. GQG Partners LLC boosted its holdings in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after buying an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred 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 completion of the transaction, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% 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. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

Broadcom stock opened at $256.85 on Wednesday. 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 $1.21 trillion, a P/E ratio of 209.50, a PEG ratio of 2.29 and a beta of 1.04. The company has a 50-day moving average price of $198.47 and a 200 day moving average price of $204.62. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $258.90.

Broadcom declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AVGO shares. Benchmark reissued a “buy” rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target on the stock. Citigroup increased their price target on shares of Broadcom from $210.00 to $276.00 and gave the stock a “buy” rating in a report on Tuesday. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Finally, Bank of America lowered their price target 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. 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 MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $246.00.

About Broadcom

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.