In its latest SEC filing for the third quarter, Segment Wealth Management LLC reduced its Broadcom Inc. position by 2.3%, selling 4,291 shares and ending the period with 184,981 shares. The holding represented 3.7% of the firm’s overall portfolio and ranked as its third-largest position. As of the filing date, those shares were valued at approximately $61.0 million. This move follows a broader trend of portfolio rebalancing by several institutional investors in semiconductor equities.

During the same period, Assetmark Inc. increased its Broadcom stake by 2.4%, acquiring 39,466 additional shares to bring its total to 1.70 million shares, valued at about $469.6 million, while Capital Counsel LLC NY initiated a new position worth roughly $221,000. Waterloo Capital L.P. added 3,180 shares (a 7.0% increase) for a total holding valued at $13.3 million, and Geneos Wealth Management Inc. boosted its stake by 27.9%, acquiring 13,978 shares to reach 64,130 shares valued at $10.7 million. Conversely, RiverFront Investment Group LLC more than doubled its position, adding 8,566 shares to reach 16,524 shares valued at $4.6 million. Overall, institutional investors now hold 76.43% of Broadcom’s outstanding common stock.

A series of Wall Street research notes over the past two months have shown growing enthusiasm for Broadcom shares. Truist Financial raised its target from 500 to 510 while maintaining a buy rating, Raymond James Financial reiterated an outperform rating with a 420 target, and Bank of America lifted its target from 460 to 500 alongside a buy recommendation. Wall Street Zen moved to a buy rating from hold, and Wells Fargo & Company adjusted its objective from 255 to 345 with an equal-weight stance. Among the 33 analysts covering the name, three designate it as a strong buy, twenty-nine as a buy and one as a hold, for an average consensus target of 436.33.

Broadcom insiders have sold a combined 650,701 shares over the past 90 days, totaling transactions of $239.2 million. Chief Financial Officer Kirsten M. Spears alone divested 3,714 shares on December 17, reducing her holdings by 1.19% to 307,237 shares. On the same day, Mark David Brazeal sold 38,281 shares, a 12.56% cut to his position of 266,494 shares. Insider ownership now stands at 2.00% of the company’s total shares outstanding.