LS Investment Advisors LLC Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

LS Investment Advisors LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,958 shares of the semiconductor manufacturer’s stock after selling 11,429 shares during the period. Broadcom makes up approximately 1.7% of LS Investment Advisors LLC’s holdings, making the stock its 21st biggest holding. LS Investment Advisors LLC’s holdings in Broadcom were worth $10,876,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of AVGO. Norges Bank bought a new position in shares of Broadcom during the 4th quarter valued at approximately $16,893,010,000. GAMMA Investing LLC increased its position in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC increased its position in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Broadcom by 1.4% during the 4th 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 last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 1.6%

Broadcom stock opened at $261.08 on Thursday. The stock has a 50-day moving average of $200.31 and a two-hundred day moving average of $205.00. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The stock has a market cap of $1.23 trillion, a PE ratio of 212.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AVGO shares. Morgan Stanley increased their price target on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Citigroup increased their price target on Broadcom from $210.00 to $276.00 and gave the stock a “buy” rating in a research report on Tuesday. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Bank of America dropped their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, 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. Three 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. According to MarketBeat.com, the stock has an average 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 30,000 shares of Broadcom stock in a transaction dated 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 sale, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred 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 transaction, the director now owns 26,182 shares of the company’s stock, 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. Over the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by 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.