Capital Asset Advisory Services LLC Purchases 16,998 Shares of Broadcom Inc. (NASDAQ:AVGO)

Capital Asset Advisory Services LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 150.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,294 shares of the semiconductor manufacturer's stock after acquiring an additional 16,998 shares during the period. Capital Asset Advisory Services LLC's holdings in Broadcom were worth $4,869,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of AVGO. Canton Hathaway LLC bought a new position in Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in Broadcom during the 4th quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the 4th quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

AVGO stock traded up $4.23 during mid-day trading on Wednesday, reaching $261.08. 31,461,945 shares of the company traded hands, compared to its average volume of 30,845,923. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market capitalization of $1.23 trillion, a P/E ratio of 212.95, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.31. The company has a fifty day moving average price of $198.47 and a 200-day moving average price of $204.62.

Broadcom declared that its Board of Directors has approved a stock buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVGO shares. Truist Financial lifted their target price on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. KeyCorp lifted their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Barclays lowered their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Susquehanna lifted 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. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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.