Garden State Investment Advisory Services LLC Purchases 338 Shares of Broadcom Inc. (NASDAQ:AVGO)

Garden State Investment Advisory Services LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,976 shares of the semiconductor manufacturer’s stock after buying an additional 338 shares during the quarter. Garden State Investment Advisory Services LLC’s holdings in Broadcom were worth $924,000 as of its most recent SEC filing.

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

Broadcom Stock Performance

Shares of AVGO stock opened at $178.95 on Wednesday. The firm has a 50 day moving average of $193.40 and a 200-day moving average of $196.03. The company has a market cap of $841.41 billion, a price-to-earnings ratio of 145.96, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. 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.

Broadcom announced that its board has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows 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 board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.32%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred 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 owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the business’s 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 sale, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 718,976 shares of company stock worth $130,917,542. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several recent analyst reports. Citigroup dropped their price objective on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Benchmark reiterated a “buy” rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Finally, Truist Financial boosted 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. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price 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.