Swisher Financial Concepts Inc. Acquires 2,102 Shares of Broadcom Inc. (NASDAQ:AVGO)

Swisher Financial Concepts Inc. increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 234.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,998 shares of the semiconductor manufacturer's stock after purchasing an additional 2,102 shares during the period. Swisher Financial Concepts Inc.'s holdings in Broadcom were worth $502,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AVGO. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Citigroup boosted their price objective on Broadcom from $210.00 to $276.00 and gave the stock a "buy" rating in a research report on Tuesday. Mizuho boosted their target price on Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Rosenblatt Securities reissued a "buy" rating and set a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, Morgan Stanley boosted their target price on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $246.00.

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Justine Page sold 800 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 in the last ninety days. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 1.6%

Shares of Broadcom stock traded up $4.23 on Wednesday, hitting $261.08. 31,461,945 shares of the company traded hands, compared to its average volume of 30,845,923. The company has a 50-day moving average price of $198.47 and a 200 day moving average price of $204.62. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.31. The company has a market cap of $1.23 trillion, a PE ratio of 212.95, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management 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.