Naples Global Advisors LLC Sells 6,363 Shares of Broadcom Inc. (NASDAQ:AVGO)

Naples Global Advisors LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.8% in the 1st quarter, HoldingsChannel reports. The firm owned 125,081 shares of the semiconductor manufacturer’s stock after selling 6,363 shares during the period. Broadcom accounts for about 2.0% of Naples Global Advisors LLC’s investment portfolio, making the stock its 4th largest holding. Naples Global Advisors LLC’s holdings in Broadcom were worth $20,942,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canton Hathaway LLC bought a new position in shares of Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter valued at $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter valued at $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $6,026,834.58. The trade was 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 have sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO opened at $261.08 on Thursday. The stock 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. Broadcom Inc. has a 12 month low of $128.50 and a 12 month 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 fifty day simple moving average of $200.31 and a 200 day simple moving average of $205.00.

Broadcom announced that its Board of Directors has approved a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on AVGO shares. 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 lowered their price objective on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Redburn Atlantic assumed coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price on the stock. Barclays decreased their price target on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Finally, Susquehanna boosted their price objective on shares of Broadcom from $250.00 to $280.00 and gave the stock a “positive” rating in a research report on Thursday, May 29th. 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 company. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $246.00.

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.