Sagespring Wealth Partners LLC Buys New Shares in Broadcom Inc. (NASDAQ:AVGO)

Sagespring Wealth Partners LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 66,449 shares of the semiconductor manufacturer’s stock, valued at approximately $15,405,000.

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

Insider Buying and Selling at Broadcom

In other Broadcom news, 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 completion of the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $181.94 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a fifty day simple moving average of $195.52 and a 200-day simple moving average of $195.99. The stock has a market capitalization of $855.47 billion, a price-to-earnings ratio of 148.40, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88.

Broadcom announced that its board has authorized a share repurchase 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 repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The company 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. This represents a $2.36 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is 113.46%.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. 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. Benchmark reissued a “buy” rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Mizuho decreased their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research 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, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $231.68.

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.