Polar Asset Management Partners Inc. Acquires 217,000 Shares of Broadcom Inc. (NASDAQ:AVGO)

Polar Asset Management Partners Inc. lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 344.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 280,000 shares of the semiconductor manufacturer's stock after buying an additional 217,000 shares during the period. Broadcom makes up approximately 0.7% of Polar Asset Management Partners Inc.'s portfolio, making the stock its 23rd biggest holding. Polar Asset Management Partners Inc.'s holdings in Broadcom were worth $64,915,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter valued at approximately $32,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other 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 sale, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, 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. In the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on AVGO shares. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 target price on shares of Broadcom 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. Bank of America decreased their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Citigroup cut their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Morgan Stanley upped their target price on Broadcom from $246.00 to $260.00 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 assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $229.48.

Broadcom Stock Up 3.0%

AVGO stock traded up $6.93 during midday trading on Tuesday, hitting $235.65. The company's stock had a trading volume of 17,906,364 shares, compared to its average volume of 31,055,312. The firm's 50-day moving average is $191.49 and its 200-day moving average is $201.86. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The company has a market cap of $1.11 trillion, a PE ratio of 192.21, a P/E/G ratio of 2.29 and a beta of 1.04.

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors 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 dividend yield of 1.00%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

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.