Brevan Howard Capital Management LP Takes $16.26 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Brevan Howard Capital Management LP acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 70,118 shares of the semiconductor manufacturer's stock, valued at approximately $16,256,000. Broadcom accounts for about 0.1% of Brevan Howard Capital Management LP's portfolio, making the stock its 28th largest position.

Several other hedge funds have also modified their holdings of AVGO. Canton Hathaway LLC bought a new stake in Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom during the 4th quarter valued at about $33,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth about $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Up 2.4 %

Broadcom stock traded up $4.72 during midday trading on Wednesday, reaching $204.81. The stock had a trading volume of 19,713,850 shares, compared to its average volume of 31,178,539. The stock has a market capitalization of $963.01 billion, a P/E ratio of 167.06, a price-to-earnings-growth 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 $251.88. The firm's fifty day simple moving average is $182.01 and its 200-day simple moving average is $196.89. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

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 buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.15%. Broadcom's payout ratio is currently 113.46%.

Insiders Place Their Bets

In related news, Director Henry Samueli sold 663,976 shares of the business's 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 directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock valued at $131,065,542 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on AVGO shares. Truist Financial boosted their target price on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Benchmark reissued a "buy" rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Morgan Stanley boosted their price target on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

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.