Hennion & Walsh Asset Management Inc. Sells 1,184 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hennion & Walsh Asset Management Inc. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,066 shares of the semiconductor manufacturer's stock after selling 1,184 shares during the quarter. Broadcom accounts for about 0.6% of Hennion & Walsh Asset Management Inc.'s holdings, making the stock its 20th biggest position. Hennion & Walsh Asset Management Inc.'s holdings in Broadcom were worth $14,075,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank purchased a new position in Broadcom during the 4th quarter worth $16,893,010,000. GAMMA Investing LLC lifted its position in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC grew its position in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Up 1.6%

AVGO stock traded up $4.23 during midday trading on Wednesday, hitting $261.08. The stock had a trading volume of 31,461,945 shares, compared to its average volume of 30,877,263. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.31. The business has a 50-day moving average of $198.47 and a two-hundred day moving average of $204.62. The firm has a market cap of $1.23 trillion, a price-to-earnings ratio of 212.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on AVGO shares. Susquehanna boosted their target price on Broadcom from $250.00 to $280.00 and gave the stock a "positive" rating in a research note on Thursday, May 29th. Oppenheimer boosted their price objective on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Truist Financial upped their price objective on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Redburn Atlantic started coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Finally, KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $246.00.

About Broadcom

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.