Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Firethorn Wealth Partners LLC

Firethorn Wealth Partners LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 37.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,764 shares of the semiconductor manufacturer’s stock after buying an additional 1,023 shares during the quarter. Firethorn Wealth Partners LLC’s holdings in Broadcom were worth $630,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Management Professionals Inc. boosted its holdings in Broadcom by 8.8% during the 1st quarter. Financial Management Professionals Inc. now owns 7,268 shares of the semiconductor manufacturer’s stock valued at $1,217,000 after acquiring an additional 590 shares during the period. Sendero Wealth Management LLC lifted its position in shares of Broadcom by 624.4% during the first quarter. Sendero Wealth Management LLC now owns 14,749 shares of the semiconductor manufacturer’s stock worth $2,469,000 after purchasing an additional 12,713 shares in the last quarter. Benin Management CORP purchased a new position in shares of Broadcom in the first quarter valued at approximately $538,000. Richard P Slaughter Associates Inc grew its holdings in shares of Broadcom by 4.0% in the first quarter. Richard P Slaughter Associates Inc now owns 11,823 shares of the semiconductor manufacturer’s stock valued at $1,980,000 after purchasing an additional 458 shares in the last quarter. Finally, Iams Wealth Management LLC increased its stake in Broadcom by 33.2% during the 1st quarter. Iams Wealth Management LLC now owns 12,479 shares of the semiconductor manufacturer’s stock worth $2,089,000 after buying an additional 3,112 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $256.85 on Wednesday. The company has a fifty day moving average of $198.47 and a two-hundred day moving average of $204.62. The company has a market capitalization of $1.21 trillion, a PE ratio of 209.50, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $259.00. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

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

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. KeyCorp raised their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Susquehanna increased their price objective on Broadcom from $250.00 to $280.00 and gave the company a “positive” rating in a research note on Thursday, May 29th. Truist Financial boosted their target price on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Morgan Stanley increased their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, William Blair reissued an “outperform” rating on shares of Broadcom in a research report 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $246.00.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 26,182 shares in the company, valued at $6,026,834.58. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Broadcom Company 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.