Coign Capital Advisors LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Coign Capital Advisors LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,498 shares of the semiconductor manufacturer’s stock, valued at approximately $811,000. Broadcom makes up 0.7% of Coign Capital Advisors LLC’s investment portfolio, making the stock its 29th biggest holding.

Several other hedge funds have also recently bought and sold shares of the stock. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new position in Broadcom during the 4th quarter worth about $26,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $33,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $35,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Truist Financial boosted their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Barclays increased their target price on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Evercore ISI increased their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Stock Down 6.9 %

Shares of NASDAQ AVGO opened at $172.30 on Friday. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The stock’s fifty day moving average is $196.33 and its 200 day moving average is $195.94. 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 stock has a market capitalization of $810.15 billion, a P/E ratio of 140.54, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is presently 113.46%.

Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm’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 sale, the insider now 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on 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 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 disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

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.