Gradient Investments LLC Has $29.60 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Gradient Investments LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 176,792 shares of the semiconductor manufacturer's stock after acquiring an additional 7,881 shares during the period. Gradient Investments LLC's holdings in Broadcom were worth $29,600,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Tallon Kerry Patrick acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $357,000. Capital & Planning LLC increased its holdings in Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after buying an additional 554 shares during the last quarter. LaFleur & Godfrey LLC boosted its stake in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after acquiring an additional 12,345 shares in the last quarter. Brighton Jones LLC boosted its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Broadcom during the fourth quarter worth about $71,312,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO stock traded up $2.28 on Thursday, hitting $263.36. 19,287,124 shares of the company's stock traded hands, compared to its average volume of 30,833,584. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The stock has a market cap of $1.24 trillion, a price-to-earnings ratio of 214.81, a P/E/G ratio of 2.29 and a beta of 1.11. The stock has a fifty day moving average of $200.31 and a 200-day moving average of $205.00. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom announced that its board has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

AVGO has been the subject of several analyst reports. Barclays cut their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Bank of America decreased their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Susquehanna lifted their target price on shares of Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a report on Thursday, May 29th. Mizuho lifted their price target on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. Finally, Truist Financial boosted their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and a consensus price target of $246.00.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value 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 represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 over the last ninety days. Insiders own 2.00% of the company's stock.

Broadcom Company 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.