Mascagni Wealth Management Inc. Acquires New Holdings in Broadcom Inc. (NASDAQ:AVGO)

Mascagni Wealth Management Inc. acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,548 shares of the semiconductor manufacturer's stock, valued at approximately $823,000.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Fairtree Asset Management Pty Ltd acquired a new position in Broadcom in the 4th quarter valued at about $766,000. M1 Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at approximately $646,000. DSG Capital Advisors LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $24,765,000. Chancellor Financial Group WB LP purchased a new stake in Broadcom during the 4th quarter worth approximately $1,395,000. Finally, 111 Capital purchased a new stake in Broadcom during the 4th quarter worth approximately $6,827,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Mizuho lifted their target price on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday. Truist Financial upped their price target on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Susquehanna increased their price target on Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a research report on Thursday. Finally, William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. 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 stock. According to data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $238.77.

Insiders Place Their Bets

In other news, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The shares were 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 $6,026,834.58. This trade represents a 2.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated 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 directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $2.47 during midday trading on Friday, hitting $239.50. The stock had a trading volume of 27,045,094 shares, compared to its average volume of 31,042,485. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a 50 day moving average price of $195.38 and a two-hundred day moving average price of $203.23. The company has a market capitalization of $1.13 trillion, a PE ratio of 195.35, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued 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 dividend payout ratio is presently 113.46%.

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is 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.