Strong Tower Advisory Services Has $2.82 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Strong Tower Advisory Services increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 29.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,293 shares of the semiconductor manufacturer's stock after purchasing an additional 4,127 shares during the period. Strong Tower Advisory Services' holdings in Broadcom were worth $2,820,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction 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 sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 1.0%

AVGO stock traded up $2.61 during midday trading on Thursday, reaching $263.69. The company's stock had a trading volume of 15,386,852 shares, compared to its average volume of 28,816,377. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The stock has a market cap of $1.24 trillion, a PE ratio of 215.08, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The business's 50-day simple moving average is $200.31 and its 200-day simple moving average is $205.00.

Broadcom announced that its board has authorized a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently commented on AVGO shares. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday. Morgan Stanley lifted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Oppenheimer boosted their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Finally, Benchmark restated a "buy" rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $246.00.

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.