3G Capital Partners LP Takes $16.23 Million Position in Broadcom Inc. (NASDAQ:AVGO)

3G Capital Partners LP bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, HoldingsChannel reports. The fund bought 70,000 shares of the semiconductor manufacturer’s stock, valued at approximately $16,229,000. Broadcom accounts for approximately 4.7% of 3G Capital Partners LP’s holdings, making the stock its 11th largest holding.

Other hedge funds also recently modified their holdings of the company. Howard Capital Management Group LLC lifted its holdings in shares of Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after acquiring an additional 2,908 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Invst LLC lifted its stake in Broadcom by 928.6% in the 3rd quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer’s stock valued at $522,000 after purchasing an additional 2,730 shares during the last quarter. McIlrath & Eck LLC boosted its position in Broadcom by 793.3% in the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock valued at $69,000 after buying an additional 357 shares in the last quarter. Finally, Passumpsic Savings Bank increased its holdings in shares of Broadcom by 900.9% during the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock worth $2,743,000 after buying an additional 14,315 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This trade represents a 3.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 completion of the sale, the director now directly owns 38,798,721 shares in the company, 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. Over the last ninety days, insiders sold 719,776 shares of company stock worth $131,065,542. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Up 2.5 %

AVGO stock opened at $197.33 on Friday. The company has a market capitalization of $927.84 billion, a PE ratio of 160.96, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a one year low of $122.33 and a one year high of $251.88. The company’s 50 day moving average price is $182.19 and its two-hundred day moving average price is $196.28.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The company 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. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.20%. Broadcom’s payout ratio is currently 113.46%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on AVGO shares. Citigroup cut their price objective on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Barclays dropped their price objective on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, Bank of America reduced their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom 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.