Broadcom Inc. $AVGO Shares Sold by Sirios Capital Management L P

Sirios Capital Management L P lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 42.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,190 shares of the semiconductor manufacturer’s stock after selling 44,968 shares during the quarter. Broadcom makes up approximately 2.5% of Sirios Capital Management L P’s holdings, making the stock its 13th largest position. Sirios Capital Management L P’s holdings in Broadcom were worth $17,143,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sawyer & Company Inc lifted its position in Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in shares of Broadcom in the second quarter valued at approximately $27,000. Legend Financial Advisors Inc. acquired a new stake in shares of Broadcom in the second quarter valued at approximately $28,000. LGT Financial Advisors LLC acquired a new position in shares of Broadcom during the second quarter worth approximately $31,000. Finally, New England Capital Financial Advisors LLC acquired a new position in shares of Broadcom during the second quarter worth approximately $31,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO opened at $406.29 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. The firm’s 50 day moving average is $359.78 and its 200-day moving average is $315.15. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $407.29. The stock has a market capitalization of $1.92 trillion, a P/E ratio of 103.65, a P/E/G ratio of 1.36 and a beta of 1.19.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 3,893 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the completion of the sale, the insider owned 25,295 shares in the company, valued at approximately $8,798,106.90. This represents a 13.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the sale, the chief executive officer directly owned 725,638 shares of the company’s stock, valued at approximately $246,412,152.04. This represents a 12.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 837,433 shares of company stock valued at $303,900,352 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have weighed in on AVGO shares. Morgan Stanley reaffirmed an “overweight” rating and set a $443.00 target price (up previously from $409.00) on shares of Broadcom in a research note on Monday, December 1st. Raymond James Financial set a $420.00 price objective on shares of Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. UBS Group reiterated a “buy” rating and issued a $472.00 target price (up previously from $415.00) on shares of Broadcom in a research report on Monday, December 1st. Macquarie started coverage on shares of Broadcom in a research report on Monday, September 15th. They set an “outperform” rating and a $420.00 price target on the stock. Finally, Citigroup reiterated a “buy” rating and issued a $415.00 price objective (up from $350.00) on shares of Broadcom in a report on Tuesday, October 14th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $392.46.

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.