Fiduciary Alliance LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,988 shares of the semiconductor manufacturer's stock after buying an additional 3,349 shares during the period. Fiduciary Alliance LLC's holdings in Broadcom were worth $5,188,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the 4th quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom in the fourth quarter worth $32,000. Institutional investors own 76.43% of the company's stock.
Broadcom Stock Performance
Broadcom stock traded up $2.56 during mid-day trading on Thursday, hitting $263.64. 14,494,666 shares of the company's stock traded hands, compared to its average volume of 28,804,988. The firm has a 50 day moving average price of $200.31 and a 200 day moving average price of $205.00. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a market cap of $1.24 trillion, a PE ratio of 215.04, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.
Broadcom declared that its board 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.
Insider Transactions at Broadcom
In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated 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 approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were 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 directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by company insiders.
Analyst Ratings Changes
AVGO has been the topic of a number of analyst reports. KeyCorp boosted their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Citigroup upped their price target on Broadcom from $210.00 to $276.00 and gave the company a "buy" rating in a research report on Tuesday. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Morgan Stanley boosted their target price on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and an average target price of $246.00.
Read Our Latest Stock Analysis on Broadcom
Broadcom Company Profile
(
Free Report)
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.
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