Bridgeway Capital Management LLC has increased its stake in Broadcom Inc. by 6.9% during the first quarter of 2023, according to a recent 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 152,653 shares of the semiconductor giant, having acquired an additional 9,887 shares in the period. Broadcom represents approximately 0.6% of Bridgeway’s total portfolio, making it the firm’s ninth largest holding. The value of its holdings in Broadcom is estimated at $25.6 million.
Several other institutional investors have also adjusted their positions in Broadcom recently. Nuveen LLC entered a new stake valued at $6.65 billion in the first quarter. Additionally, Price T Rowe Associates Inc. increased its holdings by 37.8%, now owning 65,509,579 shares worth approximately $10.97 billion after purchasing an extra 17,985,046 shares. GAMMA Investing LLC saw a remarkable increase of 18,179.3% in its holdings, acquiring 17,276,164 shares valued at $2.89 billion.
Goldman Sachs Group Inc. also raised its stake by 16.7%, now owning 31,854,414 shares valued at $5.33 billion. Deutsche Bank AG increased its holdings by 36.9%, bringing its total to 15,758,895 shares, worth around $2.64 billion. Overall, institutional investors and hedge funds now own 76.43% of Broadcom’s shares.
Broadcom’s Market Performance
The stock of Broadcom Inc. opened at $298.24 on Wednesday, with a market capitalization of $1.40 trillion. The company has a price-to-earnings (P/E) ratio of 111.70 and a price/earnings-to-growth (P/E/G) ratio of 2.11. Broadcom’s stock has fluctuated significantly over the past year, recording a low of $134.90 and a high of $317.35. As of now, the fifty-day simple moving average stands at $289.30, while the two-hundred-day moving average is at $235.55.
The company’s financial ratios indicate a current ratio of 1.08, a quick ratio of 0.98, and a debt-to-equity ratio of 0.89.
Analysts’ Recommendations
Broadcom has received considerable attention from analysts as well. Susquehanna recently increased its price target from $280 to $300, rating the stock as “positive.” Similarly, Bank of America raised its price target from $240 to $300, assigning a “buy” rating. HSBC Global Research upgraded Broadcom from a “hold” to a “strong-buy” rating in a recent note.
KeyCorp has also lifted its price objective for Broadcom from $315 to $330, giving it an “overweight” rating. Moreover, JPMorgan Chase & Co. has raised its price target from $250 to $325 while maintaining an “overweight” rating.
Out of the analysts covering Broadcom, three have rated it as a “strong buy,” twenty-six have given it a “buy” rating, and only one has designated it as a “hold.” According to data from MarketBeat.com, the average rating for Broadcom is “buy,” with a consensus price target of $302.58.
Insider Transactions
In other news regarding Broadcom, Director Gayla J. Delly sold 3,000 shares on June 26, 2023, at an average price of $265.13, totaling $795,390. Following this transaction, Delly retains 33,352 shares valued at approximately $8.84 million, reflecting an 8.25% decrease in her ownership.
Additionally, Chief Financial Officer Kirsten M. Spears sold 36,350 shares on June 24, 2023, averaging $261.27 for a total of $9.5 million. After this sale, Spears owns 325,587 shares valued at around $85.07 million, marking a 10.04% decrease in ownership. Insiders have sold a total of 830,516 shares worth approximately $217.29 million in the past 90 days, with corporate insiders holding 2.00% of the stock.
Broadcom Inc. specializes in designing and supplying a wide array of semiconductor devices, focusing on complex digital and mixed signal complementary metal oxide semiconductor-based devices and analog III-V products. The company operates under two main segments: Semiconductor Solutions and Infrastructure Software.