GAMMA Investing LLC Acquires 17,181,652 Shares of Broadcom Inc. (NASDAQ:AVGO)

GAMMA Investing LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18,179.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,276,164 shares of the semiconductor manufacturer's stock after acquiring an additional 17,181,652 shares during the quarter. Broadcom accounts for approximately 0.5% of GAMMA Investing LLC's portfolio, making the stock its 26th largest position. GAMMA Investing LLC owned approximately 0.37% of Broadcom worth $2,892,548,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AVGO. Banco Bilbao Vizcaya Argentaria S.A. lifted its position 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 valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC raised its stake in Broadcom by 1,100.8% in 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 period. Destiny Wealth Partners LLC lifted its holdings in Broadcom by 1,211.3% during the fourth quarter. Destiny Wealth Partners LLC now owns 27,013 shares of the semiconductor manufacturer's stock valued at $6,263,000 after purchasing an additional 24,953 shares during the last quarter. Mediolanum International Funds Ltd boosted its position in 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. Finally, Kovack Advisors Inc. increased its stake in shares of Broadcom by 8.1% in the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock worth $7,971,000 after purchasing an additional 2,570 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Price Performance

Shares of AVGO stock traded down $2.47 during trading hours on Friday, hitting $239.50. 27,045,094 shares of the company's stock were exchanged, compared to its average volume of 31,042,485. The company has a market capitalization of $1.13 trillion, a PE ratio of 195.35, a PEG ratio of 2.29 and a beta of 1.04. 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 business's 50 day simple moving average is $195.38 and its 200-day simple moving average is $203.23.

Broadcom declared that its Board of Directors has initiated a stock 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 stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

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

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 in the last 90 days. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Rosenblatt Securities restated a "buy" rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Benchmark reiterated a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Mizuho boosted their price objective on shares of Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, Susquehanna boosted their price target on shares of Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $238.77.

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.