Hobart Private Capital LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Hobart Private Capital LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,288 shares of the semiconductor manufacturer's stock, valued at approximately $216,000.

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

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction on 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 sale, the director now directly owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company's stock.

Broadcom Trading Down 1.0%

NASDAQ:AVGO traded down $2.47 on Friday, hitting $239.50. 27,045,094 shares of the stock were exchanged, compared to its average volume of 31,042,717. The stock has a fifty day moving average of $194.36 and a 200-day moving average of $202.79. The stock has a market cap 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 fifty-two week low of $128.50 and a fifty-two week high of $251.88.

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

Broadcom Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AVGO. Benchmark restated a "buy" rating and issued a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Morgan Stanley lifted their target price on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Mizuho increased their target price on shares of Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $238.77.

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.