1248 Management LLC Buys Shares of 1,513 Broadcom Inc. (NASDAQ:AVGO)

1248 Management LLC purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,513 shares of the semiconductor manufacturer's stock, valued at approximately $351,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Howard Capital Management Group LLC increased its stake in shares of Broadcom by 2,219.8% during the third 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 period. Principal Financial Group Inc. lifted its stake in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after acquiring an additional 6,540,800 shares in the last quarter. Invst LLC grew its position in 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 raised 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 acquiring an additional 357 shares in the last quarter. Finally, Passumpsic Savings Bank raised its stake in shares of Broadcom by 900.9% during the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock worth $2,743,000 after purchasing an additional 14,315 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. Mizuho cut their target price on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Morgan Stanley raised their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Barclays lowered their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Stock Down 1.4 %

Shares of AVGO stock traded down $2.92 during trading on Monday, reaching $200.72. The company's stock had a trading volume of 13,968,129 shares, compared to its average volume of 31,146,673. Broadcom Inc. has a one year low of $127.51 and a one year high of $251.88. The business has a fifty day moving average price of $182.21 and a 200-day moving average price of $196.72. The company has a market cap of $943.78 billion, a price-to-earnings ratio of 163.72, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is 113.46%.

Broadcom declared that its board has approved a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This represents a 5.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of 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. Over the last quarter, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by insiders.

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.