PVG Asset Management Corp Acquires Shares of 2,330 Broadcom Inc. (NASDAQ:AVGO)

PVG Asset Management Corp purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,330 shares of the semiconductor manufacturer's stock, valued at approximately $540,000. Broadcom accounts for approximately 2.6% of PVG Asset Management Corp's portfolio, making the stock its 17th largest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. KFA Private Wealth Group LLC boosted its position in shares of Broadcom by 2.5% during the 4th quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer's stock worth $407,000 after purchasing an additional 42 shares in the last quarter. Bryant Woods Investment Advisors LLC boosted its position in shares of Broadcom by 3.5% during the 4th quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer's stock worth $305,000 after purchasing an additional 45 shares in the last quarter. Marest Capital LLC boosted its position in shares of Broadcom by 1.0% during the 4th quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer's stock worth $1,052,000 after purchasing an additional 46 shares in the last quarter. Register Financial Advisors LLC boosted its position in shares of Broadcom by 1.3% during the 4th quarter. Register Financial Advisors LLC now owns 3,693 shares of the semiconductor manufacturer's stock worth $856,000 after purchasing an additional 47 shares in the last quarter. Finally, SlateStone Wealth LLC raised its holdings in shares of Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after acquiring an additional 47 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Broadcom stock traded up $1.84 during midday trading on Thursday, reaching $241.27. 11,814,843 shares of the company traded hands, compared to its average volume of 30,970,539. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The firm has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 197.20, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. 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 business has a 50 day moving average of $193.34 and a two-hundred day moving average of $202.36.

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 0.98%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on AVGO shares. Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday. They issued a "buy" rating and a $301.00 target price on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. KeyCorp raised their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Benchmark restated a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $234.15.

Broadcom 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.