Covestor Ltd Acquires 430 Shares of Broadcom Inc. (NASDAQ:AVGO)

Covestor Ltd increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 17.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,842 shares of the semiconductor manufacturer’s stock after acquiring an additional 430 shares during the period. Broadcom comprises 0.4% of Covestor Ltd’s holdings, making the stock its 21st largest holding. Covestor Ltd’s holdings in Broadcom were worth $659,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Canton Hathaway LLC bought a new stake in Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $26,000. Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC purchased a new position in Broadcom in the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom 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 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVGO. Evercore ISI raised their price target on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Mizuho reduced their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. KeyCorp lifted their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, Piper Sandler upped their price objective on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Performance

NASDAQ:AVGO traded down $11.15 during mid-day trading on Thursday, hitting $174.00. 7,333,252 shares of the company’s stock traded hands, compared to its average volume of 31,120,084. The firm has a 50 day moving average of $197.24 and a two-hundred day moving average of $195.96. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The firm has a market capitalization of $818.14 billion, a price-to-earnings ratio of 141.93, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom declared that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are 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 issued a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.36%. Broadcom’s dividend payout ratio is 113.46%.

Broadcom Company 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.