Triangle Securities Wealth Management Has $3.37 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Triangle Securities Wealth Management decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,117 shares of the semiconductor manufacturer’s stock after selling 556 shares during the period. Triangle Securities Wealth Management’s holdings in Broadcom were worth $3,368,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 over the last three months. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Up 3.3%

Shares of AVGO opened at $256.85 on Wednesday. The firm has a market capitalization of $1.21 trillion, a price-to-earnings ratio of 209.50, a PEG ratio of 2.29 and a beta of 1.04. 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 business’s fifty day moving average price is $198.47 and its two-hundred day moving average price is $204.62. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $258.85.

Broadcom declared that its board has authorized a stock repurchase 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 buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on AVGO shares. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Morgan Stanley increased their target price on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Bank of America dropped their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Truist Financial increased their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. Finally, Susquehanna increased their price target on Broadcom from $250.00 to $280.00 and gave the stock a “positive” rating in a research report on Thursday, May 29th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company 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.