Broadcom Inc. (NASDAQ:AVGO) Position Lessened by Gilman Hill Asset Management LLC

Gilman Hill Asset Management LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 3,700 shares of the semiconductor manufacturer’s stock after selling 285 shares during the quarter. Gilman Hill Asset Management LLC’s holdings in Broadcom were worth $619,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Canton Hathaway LLC bought a new position in Broadcom during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in Broadcom during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter valued at about $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction dated 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 of the company’s stock, 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 sold a total of 720,576 shares of company stock worth $131,249,694 over the last 90 days. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

AVGO has been the topic of several research analyst reports. Redburn Atlantic initiated coverage on Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Barclays lowered their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Oppenheimer raised their price target on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three research 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 stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $246.00.

Broadcom Price Performance

Broadcom stock opened at $261.08 on Thursday. 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 firm has a market cap 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 business’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.

Broadcom announced that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are 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.