Portside Wealth Group LLC Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Portside Wealth Group LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 45.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,256 shares of the semiconductor manufacturer’s stock after buying an additional 1,017 shares during the period. Portside Wealth Group LLC’s holdings in Broadcom were worth $545,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $261.08 on Thursday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average of $200.31 and a 200-day moving average of $205.00. The firm has a market cap of $1.23 trillion, a P/E ratio of 212.95, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom announced that its Board of Directors has approved a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The shares were 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 directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This 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 this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated 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 sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This 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 sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. KeyCorp increased their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Mizuho increased their target price on Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price 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.