Pennington Partners & CO. LLC Invests $714,000 in Broadcom Inc. (NASDAQ:AVGO)

Pennington Partners & CO. LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,079 shares of the semiconductor manufacturer's stock, valued at approximately $714,000.

Other hedge funds have also added to or reduced their stakes in the company. South Plains Financial Inc. bought a new position in shares of Broadcom in the fourth quarter valued at $839,000. Keel Point LLC raised its holdings in shares of Broadcom by 18.9% in the 4th quarter. Keel Point LLC now owns 17,695 shares of the semiconductor manufacturer's stock valued at $4,102,000 after purchasing an additional 2,808 shares during the period. Peterson Wealth Management bought a new position in Broadcom during the fourth quarter worth about $1,912,000. Sulzberger Capital Advisors Inc. bought a new stake in Broadcom in the fourth quarter valued at approximately $1,618,000. Finally, Westbourne Investments Inc. bought a new stake in Broadcom in the fourth quarter valued at approximately $211,000. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVGO. KeyCorp lifted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Barclays lowered their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Benchmark reissued a "buy" rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Mizuho decreased their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Finally, William Blair reissued an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $229.48.

Broadcom Price Performance

Shares of AVGO stock traded up $6.31 on Friday, reaching $203.64. The company had a trading volume of 17,749,359 shares, compared to its average volume of 31,215,620. The business's 50-day moving average is $182.21 and its 200 day moving average is $196.61. Broadcom Inc. has a one year low of $127.51 and a one year high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $957.50 billion, a PE ratio of 166.10, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.16%. Broadcom's dividend payout ratio is currently 113.46%.

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

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by insiders.

Broadcom 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.