70,000 Shares in Broadcom Inc. (NASDAQ:AVGO) Purchased by 3G Capital Partners LP

3G Capital Partners LP bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 70,000 shares of the semiconductor manufacturer's stock, valued at approximately $16,229,000. Broadcom accounts for approximately 4.7% of 3G Capital Partners LP's investment portfolio, making the stock its 11th largest holding.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in Broadcom in the fourth quarter valued at about $16,893,010,000. Franklin Resources Inc. grew its position in shares of Broadcom by 1,114.6% during the 3rd quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock worth $3,849,270,000 after buying an additional 19,375,547 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of 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 valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC boosted its stake in Broadcom by 200.0% during 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. boosted its stake in Broadcom by 1.4% during 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. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Up 2.5 %

Broadcom stock opened at $197.33 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a 50-day simple moving average of $182.19 and a 200 day simple moving average of $196.28. The stock has a market capitalization of $927.84 billion, a P/E ratio of 160.96, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $122.33 and a 52 week high of $251.88.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is presently 113.46%.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on AVGO shares. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Benchmark reaffirmed a "buy" rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, KeyCorp raised their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the 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 owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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. In the last quarter, insiders have sold 719,776 shares of company stock worth $131,065,542. Company insiders own 2.00% of the company's stock.

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.

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