M1 Capital Management LLC Acquires Shares of 2,785 Broadcom Inc. (NASDAQ:AVGO)

M1 Capital Management LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,785 shares of the semiconductor manufacturer's stock, valued at approximately $646,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Mizuho boosted their target price on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday. Barclays dropped their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Citigroup dropped their price objective 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 note on Wednesday, April 30th. Three equities research 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $236.27.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on 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 directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% 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 worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 1.1%

Shares of AVGO stock traded up $2.54 during trading hours on Thursday, hitting $241.97. The company had a trading volume of 20,731,794 shares, compared to its average volume of 31,021,031. The company's fifty day moving average is $193.34 and its 200 day moving average is $202.36. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. The stock has a market capitalization of $1.14 trillion, a PE ratio of 197.37, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.98%. Broadcom's dividend payout ratio is currently 113.46%.

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

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.