ACT Advisors LLC. Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

ACT Advisors LLC. increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 14.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,947 shares of the semiconductor manufacturer’s stock after purchasing an additional 245 shares during the period. ACT Advisors LLC.’s holdings in Broadcom were worth $326,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in AVGO. Norges Bank bought a new stake in Broadcom in the 4th quarter worth approximately $16,893,010,000. GAMMA Investing LLC increased its stake in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC increased its stake in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO stock opened at $261.08 on Thursday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The stock has a market capitalization of $1.23 trillion, a price-to-earnings ratio of 212.95, a P/E/G ratio of 2.29 and a beta of 1.11. The stock has a fifty day simple moving average of $200.31 and a two-hundred day simple moving average of $205.00. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom announced that its Board of Directors has authorized a share repurchase program 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 programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Citigroup lifted their price objective on Broadcom from $210.00 to $276.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays cut their target price on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Mizuho boosted their target price on Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 28th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $246.00.

Insider Buying and Selling

In related news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on 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 completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares of the company’s stock, valued at $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 in the last three months. 2.00% of the stock is owned by 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.