Fairtree Asset Management Pty Ltd Buys Shares of 3,304 Broadcom Inc. (NASDAQ:AVGO)

Fairtree Asset Management Pty Ltd acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,304 shares of the semiconductor manufacturer's stock, valued at approximately $766,000.

Several other large investors also recently modified their holdings of AVGO. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in shares of Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after buying an additional 18,845 shares during the last quarter. Nebula Research & Development LLC raised its position in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after acquiring an additional 14,399 shares during the last quarter. TTP Investments Inc. lifted its stake in shares of Broadcom by 71.7% in the 4th quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer's stock valued at $14,061,000 after purchasing an additional 25,330 shares during the period. Destiny Wealth Partners LLC boosted its position in shares of Broadcom by 1,211.3% in the 4th quarter. Destiny Wealth Partners LLC now owns 27,013 shares of the semiconductor manufacturer's stock worth $6,263,000 after purchasing an additional 24,953 shares during the last quarter. Finally, Mediolanum International Funds Ltd grew its stake in shares of Broadcom by 36.3% during the fourth quarter. Mediolanum International Funds Ltd now owns 634,112 shares of the semiconductor manufacturer's stock worth $149,017,000 after purchasing an additional 168,774 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The stock was 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 in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of AVGO stock traded up $3.78 during trading on Wednesday, hitting $239.43. The company had a trading volume of 20,260,131 shares, compared to its average volume of 31,045,414. The firm has a market capitalization of $1.13 trillion, a P/E ratio of 195.30, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. 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's 50-day moving average price is $193.34 and its 200 day moving average price is $202.36.

Broadcom announced that its board has authorized a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. Broadcom's payout ratio is 113.46%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on AVGO shares. 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. Bank of America cut their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley boosted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Citigroup lowered their target price on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $234.15.

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.