Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Financial Advisory Partners LLC

Financial Advisory Partners LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 18.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,736 shares of the semiconductor manufacturer’s stock after selling 7,493 shares during the quarter. Broadcom makes up about 1.8% of Financial Advisory Partners LLC’s portfolio, making the stock its 11th biggest holding. Financial Advisory Partners LLC’s holdings in Broadcom were worth $5,481,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Vanguard Group Inc. increased its stake 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 purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC increased its stake in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the last quarter. FMR LLC increased its stake in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new position in Broadcom in the fourth quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp grew its position in shares of Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AVGO shares. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. KeyCorp raised their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Morgan Stanley lifted their price target on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, Bank of America dropped their price objective on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $246.00.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The stock was 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. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of AVGO opened at $256.85 on Wednesday. The business’s fifty day moving average price is $198.47 and its 200 day moving average price is $204.62. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $259.00. The stock has a market capitalization of $1.21 trillion, a PE ratio of 209.50, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. 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 declared that its Board of Directors has authorized a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Broadcom 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.