Vestcor Inc Purchases 163,263 Shares of Broadcom Inc. (NASDAQ:AVGO)

Vestcor Inc grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 804.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 183,566 shares of the semiconductor manufacturer’s stock after acquiring an additional 163,263 shares during the quarter. Broadcom comprises approximately 1.0% of Vestcor Inc’s holdings, making the stock its 13th largest holding. Vestcor Inc’s holdings in Broadcom were worth $31,665,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. State Street Corp raised its position in Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares during the period. FMR LLC increased its position in shares of Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares during the last quarter. Jennison Associates LLC raised its holdings in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after buying an additional 32,178,542 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after buying an additional 30,674,902 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Broadcom by 962.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock worth $5,519,591,000 after buying an additional 28,985,434 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO stock opened at $178.94 on Tuesday. The firm has a market cap of $835.75 billion, a price-to-earnings ratio of 155.60, a PEG ratio of 2.11 and a beta of 1.13. Broadcom Inc. has a 52-week low of $95.61 and a 52-week high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company’s 50 day moving average is $173.14 and its 200 day moving average is $163.05.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AVGO. UBS Group increased their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Three analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $195.96.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 3.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

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.