Sunbeam Capital Management LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Sunbeam Capital Management LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 7,962 shares of the semiconductor manufacturer's stock, valued at approximately $1,846,000. Broadcom makes up 1.7% of Sunbeam Capital Management LLC's investment portfolio, making the stock its 14th biggest position.

A number of other institutional investors have also modified their holdings of the stock. Challenger Wealth Management acquired a new stake in shares of Broadcom in the 4th quarter valued at about $802,000. Ascent Group LLC raised its stake in shares of Broadcom by 5.2% in the 4th quarter. Ascent Group LLC now owns 51,174 shares of the semiconductor manufacturer's stock valued at $11,864,000 after purchasing an additional 2,540 shares in the last quarter. PVG Asset Management Corp acquired a new stake in shares of Broadcom in the 4th quarter valued at about $540,000. Value Partners Investments Inc. raised its stake in shares of Broadcom by 3.0% in the 4th quarter. Value Partners Investments Inc. now owns 12,021 shares of the semiconductor manufacturer's stock valued at $2,785,000 after purchasing an additional 347 shares in the last quarter. Finally, Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company's 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 completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

AVGO stock traded up $1.77 on Thursday, hitting $241.20. 12,034,954 shares of the company's stock traded hands, compared to its average volume of 28,933,789. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The stock has a market cap of $1.13 trillion, a price-to-earnings ratio of 196.74, a P/E/G ratio of 2.29 and a beta of 1.04. The stock has a fifty day moving average of $193.34 and a 200-day moving average of $202.36. 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 announced that its board has initiated a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.98%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent analyst reports. Redburn Atlantic assumed coverage on shares of Broadcom in a research note on Wednesday. They issued a "buy" rating and a $301.00 target price on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. KeyCorp boosted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 price objective 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 given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and an average price target of $234.15.

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.