Main Street Financial Solutions LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Main Street Financial Solutions LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 52.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,399 shares of the semiconductor manufacturer’s stock after buying an additional 5,635 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Broadcom were worth $3,802,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Canton Hathaway LLC acquired a new stake in Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at about $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom during the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC purchased a new position in Broadcom in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now 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 can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction 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 $83,872,080. This represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 718,976 shares of company stock valued at $130,917,542. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

NASDAQ AVGO opened at $178.95 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a market capitalization of $841.41 billion, a price-to-earnings ratio of 145.96, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a 50 day simple moving average of $193.40 and a 200-day simple moving average of $196.03. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88.

Broadcom declared that its Board of Directors has authorized a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Analyst Ratings Changes

A number of brokerages have commented on AVGO. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Barclays increased their price target on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Truist Financial lifted their price objective on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Benchmark reiterated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, Morgan Stanley lifted their price target 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. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $231.68.

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.