Tairen Capital Ltd acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,900 shares of the semiconductor manufacturer's stock, valued at approximately $440,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the fourth quarter worth $26,000. Sellwood Investment Partners LLC acquired a new position in Broadcom in the fourth quarter worth $32,000. Bellevue Asset Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $33,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at $35,000. 76.43% of the stock is owned by institutional investors.
Insider Buying and Selling
In other news, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated 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 directly owns 490,956 shares in the company, valued at $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. Over the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.
Broadcom Stock Performance
AVGO traded up $1.05 during trading on Tuesday, hitting $231.68. The stock had a trading volume of 11,749,421 shares, compared to its average volume of 31,130,408. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a market cap of $1.09 trillion, a price-to-earnings ratio of 188.97, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a 50 day moving average price of $188.62 and a 200-day moving average price of $200.27. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88.
Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in 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 generally an indication that the company's management believes its stock is undervalued.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid 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 1.02%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.
Analyst Ratings Changes
AVGO has been the subject of a number of research analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley increased their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Bank of America lowered their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Citigroup lowered their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $229.48.
Read Our Latest Stock Report on Broadcom
About Broadcom
(
Free Report)
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.
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