Grand Alliance Asset Management Ltd Buys Shares of 34,000 Broadcom Inc. (NASDAQ:AVGO)

Grand Alliance Asset Management Ltd acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 34,000 shares of the semiconductor manufacturer's stock, valued at approximately $7,883,000. Broadcom accounts for 8.7% of Grand Alliance Asset Management Ltd's portfolio, making the stock its 4th biggest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Broadcom in the 4th quarter worth $16,893,010,000. Franklin Resources Inc. lifted its stake in shares of Broadcom by 1,114.6% in the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock valued at $3,849,270,000 after buying an additional 19,375,547 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the period. GQG Partners LLC lifted its position in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred 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 transaction, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction on 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 sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 in the last quarter. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AVGO shares. Morgan Stanley lifted their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Mizuho lowered their target price on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Barclays cut their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. William Blair reissued an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, Truist Financial boosted their price target on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.

Broadcom Trading Down 0.3 %

Shares of Broadcom stock traded down $0.54 during trading on Tuesday, hitting $191.93. 4,663,991 shares of the company were exchanged, compared to its average volume of 31,549,615. 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 capitalization of $902.45 billion, a P/E ratio of 156.55, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The firm's fifty day moving average price is $183.64 and its 200 day moving average price is $196.24. Broadcom Inc. has a 1-year low of $122.33 and a 1-year high of $251.88.

Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire 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 shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. Broadcom's dividend payout ratio is 113.46%.

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.