Alerus Financial NA Raises Position in Broadcom Inc (AVGO)
Alerus Financial NA increased its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,127 shares of the semiconductor manufacturer’s stock after buying an additional 328 shares during the period. Alerus Financial NA’s holdings in Broadcom were worth $4,248,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Ruggie Capital Group acquired a new position in Broadcom during the 4th quarter worth about $25,000. AlphaOne Investment Services LLC acquired a new position in Broadcom during the 4th quarter worth about $25,000. First Financial Corp IN acquired a new position in Broadcom during the 1st quarter worth about $30,000. Daiwa SB Investments Ltd. acquired a new position in Broadcom during the 1st quarter worth about $30,000. Finally, Advisors Preferred LLC acquired a new position in Broadcom during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 86.96% of the company’s stock.
Shares of AVGO stock opened at $304.37 on Thursday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. The stock has a market capitalization of $116.13 billion, a PE ratio of 16.16, a P/E/G ratio of 1.37 and a beta of 0.68. Broadcom Inc has a one year low of $197.46 and a one year high of $323.20.
In related news, SVP Charlie B. Kawwas sold 9,330 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $295.93, for a total value of $2,761,026.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas H. Krause sold 14,494 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $295.45, for a total value of $4,282,252.30. The disclosure for this sale can be found here. Insiders sold a total of 87,824 shares of company stock valued at $26,390,919 over the last quarter. 3.30% of the stock is owned by insiders.
AVGO has been the subject of several recent research reports. Mizuho boosted their price objective on Broadcom from $295.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, March 15th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. BidaskClub raised Broadcom from a “buy” rating to a “strong-buy” rating in a report on Thursday, January 24th. KeyCorp boosted their price objective on Broadcom from $335.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Finally, Citigroup initiated coverage on Broadcom in a report on Friday, March 15th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $304.88.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
Further Reading: Gross Domestic Product (GDP)
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).
Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.