Lake Street Private Wealth LLC Acquires 806 Shares of Broadcom Inc. (NASDAQ:AVGO)

Lake Street Private Wealth LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,802 shares of the semiconductor manufacturer’s stock after purchasing an additional 806 shares during the period. Lake Street Private Wealth LLC’s holdings in Broadcom were worth $3,650,000 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 position in shares of Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $32,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research reports. Bank of America cut their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Citigroup boosted their target price on Broadcom from $210.00 to $276.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Morgan Stanley boosted their target price on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $246.00.

Broadcom Stock Performance

Shares of AVGO stock opened at $261.08 on Thursday. The company 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. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a 50-day simple moving average of $200.31 and a 200 day simple moving average of $205.00. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43.

Broadcom announced that its board has authorized a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the company’s 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 directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value 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. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

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.