Steigerwald Gordon & Koch Inc. Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Steigerwald Gordon & Koch Inc. decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.7% in the first quarter, Holdings Channel reports. The institutional investor owned 3,502 shares of the semiconductor manufacturer’s stock after selling 333 shares during the quarter. Steigerwald Gordon & Koch Inc.’s holdings in Broadcom were worth $586,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Tallon Kerry Patrick purchased a new stake in Broadcom during the fourth quarter valued at $357,000. Capital & Planning LLC boosted its stake in Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after buying an additional 554 shares during the last quarter. LaFleur & Godfrey LLC boosted its stake in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after buying an additional 12,345 shares during the last quarter. Brighton Jones LLC lifted its stake in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Broadcom in the 4th quarter valued at approximately $71,312,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 1.6%

NASDAQ:AVGO opened at $261.08 on Thursday. 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 stock’s fifty day moving average is $200.31 and its two-hundred day moving average is $205.00. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The stock has a market capitalization of $1.23 trillion, a price-to-earnings ratio of 212.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom announced that its Board of Directors has approved a share buyback plan 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 plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. KeyCorp raised 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. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective for the company. Finally, Benchmark reaffirmed a “buy” rating and issued a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $246.00.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly 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 disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Company 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.