Accel Wealth Management Sells 2,437 Shares of Broadcom Inc. (NASDAQ:AVGO)

Accel Wealth Management trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 23.8% in the first quarter, Holdings Channel reports. The firm owned 7,797 shares of the semiconductor manufacturer’s stock after selling 2,437 shares during the quarter. Accel Wealth Management’s holdings in Broadcom were worth $1,305,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Apella Capital LLC lifted its holdings in Broadcom by 10.4% during the 1st quarter. Apella Capital LLC now owns 3,264 shares of the semiconductor manufacturer’s stock valued at $604,000 after purchasing an additional 308 shares during the last quarter. Clarus Wealth Advisors raised its holdings in Broadcom by 51.9% in the 1st quarter. Clarus Wealth Advisors now owns 2,720 shares of the semiconductor manufacturer’s stock valued at $504,000 after acquiring an additional 929 shares during the period. Bremer Bank National Association raised its holdings in Broadcom by 45.3% in the 1st quarter. Bremer Bank National Association now owns 5,006 shares of the semiconductor manufacturer’s stock valued at $838,000 after acquiring an additional 1,560 shares during the period. Orser Capital Management LLC acquired a new stake in Broadcom during the first quarter worth approximately $808,000. Finally, Unigestion Holding SA boosted its holdings in shares of Broadcom by 45.5% during the first quarter. Unigestion Holding SA now owns 24,450 shares of the semiconductor manufacturer’s stock worth $4,094,000 after acquiring an additional 7,649 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on AVGO shares. Susquehanna increased their target price on Broadcom from $250.00 to $280.00 and gave the stock a “positive” rating in a research note on Thursday, May 29th. Truist Financial upped their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price for the company. Finally, Rosenblatt Securities restated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $246.00.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company’s stock, 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 SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $256.85 on Wednesday. The company’s 50 day simple moving average is $198.47 and its 200 day simple moving average is $204.62. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $258.90. The stock has a market capitalization of $1.21 trillion, a price-to-earnings ratio of 209.50, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is 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.