Fifth Third Wealth Advisors LLC Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Fifth Third Wealth Advisors LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 111,475 shares of the semiconductor manufacturer's stock after buying an additional 15,178 shares during the quarter. Broadcom comprises 1.0% of Fifth Third Wealth Advisors LLC's holdings, making the stock its 15th largest position. Fifth Third Wealth Advisors LLC's holdings in Broadcom were worth $18,664,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC acquired a new stake in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity

In other 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 value of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $2.85 during trading hours on Wednesday, hitting $259.70. 19,129,461 shares of the stock were exchanged, compared to its average volume of 30,800,326. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market cap of $1.22 trillion, a PE ratio of 211.83, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company's fifty day simple moving average is $198.47 and its two-hundred day simple moving average is $204.62. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.31.

Broadcom declared that its board has initiated a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

AVGO has been the topic of a number of analyst reports. Susquehanna increased their price target on Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a research report on Thursday, May 29th. Truist Financial lifted their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Mizuho increased their target price on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Finally, William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $246.00.

Broadcom Profile

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.