Sunbeam Capital Management LLC Purchases New Position in Broadcom Inc. (NASDAQ:AVGO)

Sunbeam Capital Management LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 7,962 shares of the semiconductor manufacturer's stock, valued at approximately $1,846,000. Broadcom comprises about 1.7% of Sunbeam Capital Management LLC's portfolio, making the stock its 14th largest position.

Other large investors have also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the fourth quarter valued at approximately $30,000. Sellwood Investment Partners LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $32,000. Finally, Bellevue Asset Management LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Trading Up 1.6%

AVGO traded up $3.78 on Wednesday, hitting $239.43. The company had a trading volume of 20,141,551 shares, compared to its average volume of 31,012,200. The firm has a market cap of $1.13 trillion, a P/E ratio of 195.30, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88. The company's fifty day moving average price is $192.39 and its 200 day moving average price is $202.10. 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 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 given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is presently 113.46%.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on AVGO shares. Morgan Stanley upped their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Citigroup decreased their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday, April 11th. Benchmark reissued a "buy" rating and issued a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, Redburn Atlantic began coverage on Broadcom in a report on Wednesday. They issued a "buy" rating and a $301.00 price target for the company. Three investment 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $234.15.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the business's 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 completion of the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the business's 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 transaction, the director now directly owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by corporate insiders.

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.