Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Manhattan West Asset Management LLC

Manhattan West Asset Management LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,503 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,874 shares during the period. Broadcom accounts for about 1.8% of Manhattan West Asset Management LLC’s holdings, making the stock its 16th biggest holding. Manhattan West Asset Management LLC’s holdings in Broadcom were worth $6,840,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Petros Family Wealth LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $591,000. NFP Retirement Inc. lifted its stake in Broadcom by 14.0% during the fourth quarter. NFP Retirement Inc. now owns 1,987 shares of the semiconductor manufacturer’s stock worth $461,000 after purchasing an additional 244 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Broadcom by 7.1% during the fourth quarter. Sterling Capital Management LLC now owns 193,888 shares of the semiconductor manufacturer’s stock worth $44,951,000 after buying an additional 12,917 shares during the period. Titan Global Capital Management USA LLC purchased a new position in shares of Broadcom during the fourth quarter worth $9,724,000. Finally, Hobbs Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at $483,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 5.6 %

Shares of Broadcom stock opened at $181.94 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The firm has a market cap of $855.47 billion, a price-to-earnings ratio of 148.40, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company’s 50-day simple moving average is $195.52 and its 200-day simple moving average is $195.99.

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 dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.30%. Broadcom’s payout ratio is currently 113.46%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding 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 usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Citigroup lowered their target price on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a report on Friday. TD Cowen raised their price objective on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Truist Financial upped their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Jefferies Financial Group raised their price target on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Benchmark restated a “buy” rating and set a $255.00 target price on shares of Broadcom 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $231.68.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 663,976 shares of the firm’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 transaction, the director now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $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. Insiders own 2.00% of the company’s stock.

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.