Sarasin & Partners LLP Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Sarasin & Partners LLP boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 68.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,145,108 shares of the semiconductor manufacturer's stock after buying an additional 463,736 shares during the quarter. Broadcom makes up about 1.9% of Sarasin & Partners LLP's investment portfolio, making the stock its 23rd biggest holding. Sarasin & Partners LLP's holdings in Broadcom were worth $197,531,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Canton Hathaway LLC bought a new position in shares of Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter worth approximately $32,000. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $2.28 during midday trading on Thursday, reaching $263.36. 19,287,124 shares of the company were exchanged, compared to its average volume of 28,848,576. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The business's fifty day moving average is $200.31 and its two-hundred day moving average is $205.00. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The stock has a market cap of $1.24 trillion, a PE ratio of 214.81, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on AVGO shares. Morgan Stanley increased their price objective on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Citigroup increased their price objective on Broadcom from $210.00 to $276.00 and gave the stock a "buy" rating in a report on Tuesday. Barclays decreased their price objective on 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 objective on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $246.00.

Insider Activity

In other news, Director Justine Page sold 800 shares of Broadcom 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 completion of the transaction, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by company insiders.

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.