Broadcom Inc. (NASDAQ:AVGO) Shares Sold by LS Investment Advisors LLC

LS Investment Advisors LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 15.0% during the 1st quarter, Holdings Channel reports. The firm owned 64,958 shares of the semiconductor manufacturer’s stock after selling 11,429 shares during the quarter. Broadcom makes up about 1.7% of LS Investment Advisors LLC’s holdings, making the stock its 21st largest holding. LS Investment Advisors LLC’s holdings in Broadcom were worth $10,876,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC boosted its stake in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after acquiring an additional 3,018,294 shares during the last quarter. FMR LLC boosted its stake in shares of Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the last quarter. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp boosted its stake in shares of Broadcom by 12.0% in 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. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

NASDAQ:AVGO opened at $261.08 on Thursday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $1.23 trillion, a P/E ratio of 212.95, a P/E/G ratio of 2.29 and a beta of 1.11. The stock’s fifty day moving average is $200.31 and its two-hundred day moving average is $205.00.

Broadcom announced that its board has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVGO. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Truist Financial lifted their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. KeyCorp lifted their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Susquehanna lifted their price target on Broadcom from $250.00 to $280.00 and gave the stock a “positive” rating in a research note on Thursday, May 29th. Finally, Bank of America lowered their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Three equities research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $246.00.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 over the last quarter. 2.00% of the stock is currently owned by company insiders.

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.