Sharpepoint LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Sharpepoint LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,530 shares of the semiconductor manufacturer's stock, valued at approximately $1,978,000. Broadcom comprises approximately 1.8% of Sharpepoint LLC's portfolio, making the stock its 20th biggest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in Broadcom in the fourth quarter valued at $16,893,010,000. Franklin Resources Inc. lifted its stake in shares of Broadcom by 1,114.6% in the 3rd quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock valued at $3,849,270,000 after purchasing an additional 19,375,547 shares in the last quarter. GQG Partners LLC grew its holdings in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Vanguard Group Inc. increased its position in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AVGO shares. Citigroup decreased their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, April 11th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Bank of America cut their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Finally, Benchmark reiterated a "buy" rating and set a $255.00 target price on shares of Broadcom in a report 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction on 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 of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of AVGO stock traded up $10.75 during mid-day trading on Thursday, hitting $187.66. 13,376,742 shares of the stock traded hands, compared to its average volume of 32,039,018. Broadcom Inc. has a twelve month low of $122.33 and a twelve month high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company's 50-day simple moving average is $185.99 and its 200-day simple moving average is $195.85. The firm has a market cap of $882.39 billion, a price-to-earnings ratio of 153.20, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors 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 yield of 1.26%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

Broadcom declared that its board has authorized a share buyback plan 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 plans are often a sign that the company's leadership believes its stock is undervalued.

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.