PRIMECAP Management Co Reduces Stake in Broadcom Inc.

PRIMECAP Management Co, managed by Theofanis Kolokotrones, recently executed a significant transaction involving Broadcom Inc. ((AVGO)). The hedge fund reduced its position by 7,245 shares.

Recent Updates on Broadcom Inc. stock

Broadcom Inc. (AVGO) has recently introduced the Emulex Secure Fibre Channel Host Bus Adapters and the Brocade G710 24-port 64G switch, focusing on data encryption and Fibre Channel technology. Despite these innovations, Morgan Stanley reduced Broadcom’s price target from $265 to $246 due to concerns about AI developments like DeepSeek. Conversely, Barclays increased its price target to $260, highlighting confidence in Broadcom’s AI and semiconductor prospects. There has been notable bullish options activity, with increased call trading and implied volatility, suggesting market optimism ahead of Broadcom’s earnings expected on March 6th. Hedge funds have shown mixed reactions, with some reducing and others increasing their positions. Broadcom’s year-to-date price performance is around 1.32%, with a current market cap of about $1101.7 billion.

More about Broadcom Inc.

YTD Price Performance: 1.65%

Average Trading Volume: 32,993,032

Current Market Cap: $1105.3B