SVB Wealth LLC Reduces Stock Position in Broadcom Inc. $AVGO

SVB Wealth LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 24.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 270,510 shares of the semiconductor manufacturer’s stock after selling 89,284 shares during the quarter. Broadcom makes up 4.0% of SVB Wealth LLC’s investment portfolio, making the stock its 4th largest holding. SVB Wealth LLC’s holdings in Broadcom were worth $74,566,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Assetmark Inc. boosted its position in Broadcom by 2.4% in the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares during the last quarter. Capital Counsel LLC NY purchased a new position in shares of Broadcom in the 2nd quarter worth about $221,000. Waterloo Capital L.P. boosted its holdings in shares of Broadcom by 7.0% in the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after buying an additional 3,180 shares during the last quarter. Geneos Wealth Management Inc. grew its position in Broadcom by 27.9% during the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after buying an additional 13,978 shares during the period. Finally, RiverFront Investment Group LLC increased its holdings in Broadcom by 107.6% during the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after buying an additional 8,566 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AVGO. Wells Fargo & Company boosted their target price on shares of Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research note on Friday, September 5th. Truist Financial upped their price objective on Broadcom from $295.00 to $365.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Sanford C. Bernstein raised their target price on Broadcom from $295.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, September 5th. Susquehanna reaffirmed a “positive” rating and set a $450.00 price target (up previously from $400.00) on shares of Broadcom in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on Broadcom from $325.00 to $400.00 and gave the stock an “overweight” rating in a report on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $391.04.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 368,797 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total value of $124,620,194.27. Following the sale, the director owned 37,722,534 shares of the company’s stock, valued at $12,746,821,463.94. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 3,893 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the transaction, the insider directly owned 25,295 shares of the company’s stock, valued at $8,798,106.90. The trade was a 13.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 665,271 shares of company stock valued at $225,483,192. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 2.4%

Shares of Broadcom stock opened at $390.24 on Monday. The company’s 50-day moving average price is $356.79 and its 200-day moving average price is $312.70. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $403.00. The company has a market cap of $1.84 trillion, a price-to-earnings ratio of 99.55, a PEG ratio of 1.33 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.03. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The business had revenue of $15.95 billion for the quarter, compared to analyst estimates of $15.82 billion. During the same quarter in the prior year, the firm posted $1.24 EPS. Broadcom’s revenue was up 22.0% on a year-over-year basis. On average, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

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.