Gotham Asset Management LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Gotham Asset Management LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 2.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 215,258 shares of the semiconductor manufacturer’s stock after buying an additional 5,067 shares during the quarter. Broadcom makes up 0.5% of Gotham Asset Management LLC’s investment portfolio, making the stock its 13th largest holding. Gotham Asset Management LLC’s holdings in Broadcom were worth $49,905,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Regent Peak Wealth Advisors LLC boosted its holdings in Broadcom by 3.0% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer’s stock valued at $3,086,000 after purchasing an additional 386 shares during the period. Watts Gwilliam & Co. LLC raised its position in Broadcom by 21.7% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 9,763 shares of the semiconductor manufacturer’s stock valued at $2,232,000 after purchasing an additional 1,744 shares in the last quarter. Fortitude Family Office LLC boosted its stake in shares of Broadcom by 9.8% in the 4th quarter. Fortitude Family Office LLC now owns 4,150 shares of the semiconductor manufacturer’s stock valued at $962,000 after buying an additional 370 shares during the period. Marotta Asset Management acquired a new position in shares of Broadcom during the fourth quarter worth about $223,000. Finally, Baker Tilly Wealth Management LLC increased its stake in shares of Broadcom by 2.5% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 8,188 shares of the semiconductor manufacturer’s stock worth $1,898,000 after buying an additional 201 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on AVGO. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. KeyCorp increased their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Mizuho decreased their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. William Blair reiterated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Finally, Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $229.48.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 0.2 %

NASDAQ:AVGO opened at $208.26 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $251.88. 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 stock’s 50 day simple moving average is $182.95 and its 200-day simple moving average is $197.33. The firm has a market cap of $979.23 billion, a P/E ratio of 169.87, a PEG ratio of 2.29 and a beta of 1.04.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.13%. Broadcom’s dividend payout ratio is currently 113.46%.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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.