Broyhill Asset Management Buys Shares of 3,137 Broadcom Inc. (NASDAQ:AVGO)

Broyhill Asset Management bought a new position in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,137 shares of the semiconductor manufacturer’s stock, valued at approximately $727,000.

A number of other hedge funds also recently made changes to their positions in the stock. Howard Capital Management Group LLC lifted its stake in shares of Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after acquiring an additional 2,908 shares during the last quarter. Principal Financial Group Inc. raised its position in Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Invst LLC boosted its stake in shares of Broadcom by 928.6% during the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer’s stock valued at $522,000 after purchasing an additional 2,730 shares in the last quarter. McIlrath & Eck LLC grew its holdings in shares of Broadcom by 793.3% during the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock worth $69,000 after purchasing an additional 357 shares during the last quarter. Finally, Passumpsic Savings Bank increased its stake in shares of Broadcom by 900.9% in the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock valued at $2,743,000 after buying an additional 14,315 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on AVGO shares. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley boosted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Mizuho reduced their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. Finally, Citigroup lowered their price objective on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $231.68.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $181.94 on Monday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a fifty day simple moving average of $195.52 and a 200 day simple moving average of $196.11. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The company has a market cap of $855.47 billion, a P/E ratio of 148.40, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is presently 113.46%.

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

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.