NewEdge Advisors LLC Buys 16,787 Shares of Broadcom Inc. $AVGO

NewEdge Advisors LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,010,002 shares of the semiconductor manufacturer’s stock after buying an additional 16,787 shares during the quarter. Broadcom makes up 1.4% of NewEdge Advisors LLC’s holdings, making the stock its 8th largest holding. NewEdge Advisors LLC’s holdings in Broadcom were worth $278,407,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Assetmark Inc. grew its position in Broadcom by 2.4% during the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after buying an additional 39,466 shares in the last quarter. Capital Counsel LLC NY acquired a new stake in shares of Broadcom during the 2nd quarter valued at $221,000. Waterloo Capital L.P. increased its stake in shares of Broadcom by 7.0% in the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after buying an additional 3,180 shares during the period. Geneos Wealth Management Inc. increased its position in Broadcom by 27.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after acquiring an additional 13,978 shares during the period. Finally, RiverFront Investment Group LLC raised its position in Broadcom by 107.6% during the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after purchasing an additional 8,566 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 1.3%

NASDAQ:AVGO opened at $406.29 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. Broadcom Inc. has a one year low of $138.10 and a one year high of $407.29. The company has a market cap of $1.92 trillion, a PE ratio of 103.65, a PEG ratio of 1.36 and a beta of 1.19. The firm has a 50-day moving average of $359.78 and a 200-day moving average of $315.15.

Insider Activity

In other news, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $331.14, for a total value of $264,912.00. Following the transaction, the director owned 21,382 shares in the company, valued at $7,080,435.48. This trade represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the company’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the sale, the chief executive officer owned 725,638 shares of the company’s stock, valued at $246,412,152.04. This trade represents a 12.11% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 837,433 shares of company stock worth $303,900,352. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AVGO shares. Evercore ISI increased their target price on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. Benchmark boosted their price objective on Broadcom from $315.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Wall Street Zen cut Broadcom from a “buy” rating to a “hold” rating in a research note on Sunday, November 23rd. Truist Financial increased their price target on Broadcom from $295.00 to $365.00 and gave the stock a “buy” rating in a report on Friday, September 5th. Finally, Mizuho set a $435.00 price objective on shares of Broadcom and gave the stock an “outperform” rating in a research report on Tuesday, October 21st. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Broadcom has an average rating of “Buy” and an average target price of $392.46.

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.