Warm Springs Advisors Inc. Takes $5.26 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Warm Springs Advisors Inc. acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,673 shares of the semiconductor manufacturer’s stock, valued at approximately $5,257,000. Broadcom makes up 4.9% of Warm Springs Advisors Inc.’s investment portfolio, making the stock its 6th largest holding.

Other institutional investors have also recently made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Wolff Financial Management LLC bought a new stake in Broadcom in the fourth quarter worth about $244,000. Motive Wealth Advisors lifted its stake in Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after purchasing an additional 4,209 shares during the last quarter. Nebula Research & Development LLC lifted its stake in Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after purchasing an additional 14,399 shares during the last quarter. Finally, TTP Investments Inc. lifted its stake in Broadcom by 71.7% in the fourth quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer’s stock worth $14,061,000 after purchasing an additional 25,330 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on AVGO. Bank of America lowered their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Morgan Stanley boosted their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Finally, Citigroup lowered their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $229.48.

Broadcom Trading Down 0.8%

NASDAQ AVGO opened at $228.72 on Friday. The company’s fifty day moving average price is $190.82 and its two-hundred day moving average price is $201.27. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The company has a market capitalization of $1.08 trillion, a price-to-earnings ratio of 186.56, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

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

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. Broadcom’s payout ratio is currently 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.