Arthur M. Cohen & Associates LLC Buys 631 Shares of Broadcom Inc. (NASDAQ:AVGO)

Arthur M. Cohen & Associates LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.3% during the first quarter, HoldingsChannel reports. The firm owned 4,751 shares of the semiconductor manufacturer’s stock after buying an additional 631 shares during the quarter. Arthur M. Cohen & Associates LLC’s holdings in Broadcom were worth $795,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the 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 in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 in the last 90 days. Insiders own 2.00% of the company’s stock.

Broadcom Trading Up 1.6%

Shares of Broadcom stock opened at $261.08 on Thursday. The firm’s 50 day simple moving average is $200.31 and its two-hundred day simple moving average is $205.00. The firm has a market capitalization of $1.23 trillion, a price-to-earnings ratio of 212.95, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

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

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Bank of America lowered their price objective on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Mizuho raised their price target on Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Citigroup increased their price objective on shares of Broadcom from $210.00 to $276.00 and gave the company a “buy” rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $246.00.

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.