Sunbeam Capital Management LLC Takes $1.85 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Sunbeam Capital Management LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 7,962 shares of the semiconductor manufacturer's stock, valued at approximately $1,846,000. Broadcom accounts for about 1.7% of Sunbeam Capital Management LLC's holdings, making the stock its 14th largest holding.

Other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new position in Broadcom in the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the fourth quarter worth about $26,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the fourth quarter worth about $30,000. Sellwood Investment Partners LLC purchased a new position in Broadcom in the fourth quarter worth about $32,000. Finally, Bellevue Asset Management LLC purchased a new position in Broadcom in the fourth quarter worth about $33,000. Institutional investors own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of AVGO traded up $6.93 during trading hours on Tuesday, reaching $235.65. 17,906,364 shares of the company traded hands, compared to its average volume of 31,055,312. The stock has a market capitalization of $1.11 trillion, a P/E ratio of 192.21, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 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 has a fifty day moving average price of $191.49 and a 200-day moving average price of $201.86.

Broadcom announced that its board has approved a share buyback plan 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 plans are often a sign that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

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 dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Truist Financial lifted their price target on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Morgan Stanley boosted 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. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Barclays dropped their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Citigroup dropped their target price on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

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.