Gerber Kawasaki Wealth & Investment Management Acquires 6,401 Shares of Broadcom Inc. (NASDAQ:AVGO)

Gerber Kawasaki Wealth & Investment Management grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,719 shares of the semiconductor manufacturer's stock after purchasing an additional 6,401 shares during the quarter. Gerber Kawasaki Wealth & Investment Management's holdings in Broadcom were worth $7,586,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Norges Bank purchased a new stake in Broadcom during the fourth quarter valued at about $16,893,010,000. Franklin Resources Inc. lifted its holdings in Broadcom by 1,114.6% during the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock valued at $3,849,270,000 after purchasing an additional 19,375,547 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Broadcom by 46.9% during the fourth 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 purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC lifted its holdings in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 over the last three months. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.9 %

NASDAQ AVGO traded down $1.67 during trading on Wednesday, hitting $189.50. The company had a trading volume of 6,886,214 shares, compared to its average volume of 31,165,468. Broadcom Inc. has a one year low of $122.33 and a one year high of $251.88. 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's fifty day moving average is $182.92 and its 200-day moving average is $196.21. The company has a market cap of $891.02 billion, a price-to-earnings ratio of 154.57, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVGO. Bank of America lowered their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Morgan Stanley increased their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Mizuho lowered their price target on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Citigroup decreased their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $229.48.

Broadcom Company Profile

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.