Investment Management Corp of Ontario Has $130.48 Million Stake in Broadcom Inc. $AVGO

Investment Management Corp of Ontario lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 473,355 shares of the semiconductor manufacturer’s stock after buying an additional 19,293 shares during the quarter. Broadcom comprises 1.9% of Investment Management Corp of Ontario’s portfolio, making the stock its 9th biggest holding. Investment Management Corp of Ontario’s holdings in Broadcom were worth $130,480,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in AVGO. Assetmark Inc. lifted its position in shares of 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 buying an additional 39,466 shares in the last quarter. Capital Counsel LLC NY purchased a new position in Broadcom during the second quarter worth $221,000. Waterloo Capital L.P. boosted its stake in shares of Broadcom by 7.0% during the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after purchasing an additional 3,180 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of 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 last quarter. Finally, RiverFront Investment Group LLC grew its position in Broadcom by 107.6% in the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after acquiring an additional 8,566 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. KeyCorp set a $460.00 target price on shares of Broadcom in a research report on Monday, October 13th. Truist Financial lifted their price objective on shares of Broadcom from $295.00 to $365.00 and gave the company a “buy” rating in a report on Friday, September 5th. Barclays set a $450.00 target price on Broadcom and gave the stock an “overweight” rating in a report on Tuesday, October 14th. UBS Group reaffirmed a “buy” rating and set a $472.00 target price (up previously from $415.00) on shares of Broadcom in a research report on Monday, December 1st. Finally, Evercore ISI boosted their price target on Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $391.04.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 368,797 shares of the business’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the sale, the director owned 37,722,534 shares in the company, valued at approximately $12,746,821,463.94. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 7,498 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total transaction of $2,606,754.68. Following the transaction, the chief financial officer owned 313,330 shares in the company, valued at approximately $108,932,307.80. This trade represents a 2.34% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 665,271 shares of company stock valued at $225,483,192. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

Shares of AVGO opened at $401.10 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. The firm has a market cap of $1.89 trillion, a PE ratio of 102.32, a P/E/G ratio of 1.33 and a beta of 1.19. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $407.29. The stock has a fifty day moving average price of $358.25 and a 200-day moving average price of $313.90.

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.