Worth Asset Management LLC Buys 11,616 Shares of Broadcom Inc. (NASDAQ:AVGO)

Worth Asset Management LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 505.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,915 shares of the semiconductor manufacturer's stock after buying an additional 11,616 shares during the period. Broadcom makes up approximately 1.3% of Worth Asset Management LLC's portfolio, making the stock its 17th biggest holding. Worth Asset Management LLC's holdings in Broadcom were worth $2,330,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $16,893,010,000. GAMMA Investing LLC lifted its stake in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. GQG Partners LLC boosted its holdings in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Wednesday, May 14th. The stock was 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 of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 720,576 shares of company stock worth $131,249,694. Insiders own 2.00% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on AVGO. Rosenblatt Securities restated a "buy" rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Benchmark restated a "buy" rating and issued a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Truist Financial raised their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $246.00.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $2.56 during trading hours on Thursday, hitting $263.64. 14,494,666 shares of the stock were exchanged, compared to its average volume of 30,814,997. Broadcom Inc. has a one year low of $128.50 and a one year 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 firm has a market capitalization of $1.24 trillion, a P/E ratio of 215.04, a P/E/G ratio of 2.29 and a beta of 1.11. The company's 50 day moving average is $200.31 and its 200 day moving average is $205.00.

Broadcom declared that its Board of Directors has authorized a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Broadcom Company 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.