Steigerwald Gordon & Koch Inc. Sells 333 Shares of Broadcom Inc. (NASDAQ:AVGO)

Steigerwald Gordon & Koch Inc. trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.7% in the first quarter, according to the company in its most recent filing with the SEC. 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 filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Boltwood Capital Management grew its stake in shares of Broadcom by 35.9% during the 1st quarter. Boltwood Capital Management now owns 2,413 shares of the semiconductor manufacturer’s stock worth $404,000 after acquiring an additional 638 shares in the last quarter. Lake Street Private Wealth LLC boosted its position in Broadcom by 3.8% during the first quarter. Lake Street Private Wealth LLC now owns 21,802 shares of the semiconductor manufacturer’s stock worth $3,650,000 after purchasing an additional 806 shares during the period. ACT Advisors LLC. boosted its position in Broadcom by 14.4% during the first quarter. ACT Advisors LLC. now owns 1,947 shares of the semiconductor manufacturer’s stock worth $326,000 after purchasing an additional 245 shares during the period. Cypress Wealth Services LLC boosted its position in Broadcom by 3.5% during the first quarter. Cypress Wealth Services LLC now owns 5,567 shares of the semiconductor manufacturer’s stock worth $932,000 after purchasing an additional 188 shares during the period. Finally, Wealth Management Partners LLC boosted its position in Broadcom by 6.3% during the first quarter. Wealth Management Partners LLC now owns 10,364 shares of the semiconductor manufacturer’s stock worth $1,735,000 after purchasing an additional 617 shares during the period. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVGO. Oppenheimer lifted their target price on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Redburn Atlantic initiated coverage on Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Finally, Morgan Stanley boosted their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Three 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $246.00.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% 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. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Up 1.6%

AVGO stock opened at $261.08 on Thursday. The stock has a fifty day moving average of $200.31 and a 200-day moving average of $205.00. The company has a market capitalization of $1.23 trillion, a price-to-earnings ratio of 212.95, a PEG ratio of 2.29 and a beta of 1.11. 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 fifty-two week low of $128.50 and a fifty-two week high of $265.43.

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

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.