Transce3nd LLC Takes $1.20 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Transce3nd LLC acquired a new position in Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,206 shares of the semiconductor manufacturer’s stock, valued at approximately $1,204,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Central Pacific Bank Trust Division lifted its holdings in Broadcom by 21.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after purchasing an additional 3,707 shares in the last quarter. Wolff Financial Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth about $244,000. Motive Wealth Advisors boosted its position in shares of Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after acquiring an additional 4,209 shares during the period. Tidal Investments LLC increased its holdings in Broadcom by 969.3% during the 3rd quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock worth $66,696,000 after acquiring an additional 350,485 shares during the period. Finally, Franchise Capital Ltd purchased a new stake in Broadcom in the 4th quarter worth approximately $2,017,000. 76.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the business’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on Wednesday, March 26th. The stock was 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 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on AVGO. Citigroup lowered their price objective on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. KeyCorp lifted their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, Morgan Stanley increased their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $231.28.

Broadcom Price Performance

AVGO stock opened at $170.99 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’s 50-day moving average price is $189.84 and its two-hundred day moving average price is $196.07. The stock has a market capitalization of $803.99 billion, a price-to-earnings ratio of 139.47, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 12-month low of $120.05 and a 12-month high of $251.88.

Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared 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 1.38%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

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.