Sanders Morris Harris LLC Acquires 26,000 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sanders Morris Harris LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 124.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,850 shares of the semiconductor manufacturer's stock after acquiring an additional 26,000 shares during the period. Broadcom makes up approximately 1.2% of Sanders Morris Harris LLC's investment portfolio, making the stock its 12th largest holding. Sanders Morris Harris LLC's holdings in Broadcom were worth $7,895,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Canton Hathaway LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the fourth quarter worth $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on AVGO shares. KeyCorp raised their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Benchmark restated a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Truist Financial lifted their price objective 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. Finally, Rosenblatt Securities restated a "buy" rating and set a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $246.00.

Insider Transactions at Broadcom

In related 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 transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company's 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 of the company's stock, valued at $83,872,080. This trade represents a 5.09% 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. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of AVGO stock traded up $3.11 on Wednesday, hitting $259.96. 20,735,081 shares of the company's stock were exchanged, compared to its average volume of 28,834,744. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. 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 50 day moving average of $198.47 and a 200 day moving average of $204.62. The stock has a market cap of $1.22 trillion, a P/E ratio of 212.04, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

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

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.