Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Portside Wealth Group LLC

Portside Wealth Group LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 45.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,256 shares of the semiconductor manufacturer's stock after acquiring an additional 1,017 shares during the period. Portside Wealth Group LLC's holdings in Broadcom were worth $545,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% 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 25,000 shares of the firm's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This 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 90 days. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Morgan Stanley boosted their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Finally, Barclays cut their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Three research 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 stock. According to MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus price target of $246.00.

Broadcom Trading Down 0.4%

Broadcom stock traded down $1.15 during trading on Thursday, reaching $259.93. 41,745,758 shares of the company were exchanged, compared to its average volume of 30,914,786. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a market capitalization of $1.22 trillion, a P/E ratio of 212.02, a PEG ratio of 2.29 and a beta of 1.11. The stock's 50 day simple moving average is $200.31 and its two-hundred day simple moving average is $205.00. 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 initiated a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.91%. Broadcom's payout ratio is currently 113.46%.

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.