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Bridgeway Capital Management Increases Stake in Broadcom by 6.9%

Bridgeway Capital Management LLC has increased its position in Broadcom Inc. (NASDAQ:AVGO) by 6.9% during the first quarter of 2023. According to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC), Bridgeway now holds 152,653 shares of the semiconductor manufacturer, having acquired an additional 9,887 shares during this period. Broadcom comprises approximately 0.6% of Bridgeway’s total holdings, making it the firm’s ninth largest investment, valued at around $25,559,000.

Other institutional investors have also made significant adjustments to their holdings in Broadcom. Notably, Nuveen LLC acquired a new stake in the company valued at $6,649,117,000 during the same quarter. Price T Rowe Associates Inc. increased its holdings by 37.8%, now owning 65,509,579 shares worth approximately $10,968,270,000 after purchasing an additional 17,985,046 shares.

GAMMA Investing LLC made a remarkable increase, raising its stake by 18,179.3% and now owning 17,276,164 shares valued at $2,892,548,000. Furthermore, Goldman Sachs Group Inc. expanded its investment by 16.7%, bringing its total to 31,854,414 shares worth $5,333,384,000. Deutsche Bank AG also improved its position in Broadcom by 36.9%, now holding 15,758,895 shares valued at $2,638,512,000.

Currently, institutional investors and hedge funds control 76.43% of Broadcom’s stock.

Stock Performance and Analyst Ratings

As of the latest trading session, Broadcom’s stock opened at $298.24. The company boasts a market capitalization of $1.40 trillion, a P/E ratio of 111.70, and a P/E/G ratio of 2.11. Broadcom has experienced a 1-year low of $134.90 and a 1-year high of $317.35. Its fifty-day simple moving average stands at $289.30, while the 200-day average is $235.55. The firm maintains a current ratio of 1.08, a quick ratio of 0.98, and a debt-to-equity ratio of 0.89.

Broadcom has garnered attention from several Wall Street analysts, who have recently updated their ratings on the stock. Susquehanna raised its price target from $280.00 to $300.00, assigning a “positive” rating on June 6, 2023. Similarly, Bank of America increased its price target to $300.00 and issued a “buy” rating. HSBC Global Research upgraded Broadcom from a “hold” to a “strong-buy” rating on June 24, 2023.

KeyCorp also adjusted its price objective, moving it from $315.00 to $330.00, while JPMorgan Chase & Co. increased its price target from $250.00 to $325.00. Currently, three investment analysts have rated Broadcom as a Strong Buy, while twenty-six have issued a Buy rating, and one has classified it as Hold. The consensus price target stands at $302.58, according to data from MarketBeat.com.

Recent Insider Activity

In related news, Broadcom’s Director, Gayla J. Delly, sold 3,000 shares of the company’s stock on June 26, 2023, at an average price of $265.13, totaling $795,390. Following this transaction, Delly holds 33,352 shares valued at approximately $8,842,615.76, representing an 8.25% decrease in her ownership.

Additionally, Chief Financial Officer Kirsten M. Spears sold 36,350 shares on June 24, 2023, for a total of $9,497,164.50 at an average price of $261.27. After this sale, Spears owns 325,587 shares valued at around $85,066,115.49, marking a 10.04% decrease in her stake.

In total, insiders have sold 830,516 shares worth $217,286,457 in the past 90 days, with 2.00% of the stock now held by corporate insiders.

Broadcom Inc. specializes in designing, developing, and supplying various semiconductor devices, focusing on complex digital and mixed-signal complementary metal-oxide-semiconductor devices and analog III-V based products. The company operates through two segments: Semiconductor Solutions and Infrastructure Software.

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