MYDA Advisors LLC Invests $5.56 Million in Broadcom Inc. (NASDAQ:AVGO)

MYDA Advisors LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 24,000 shares of the semiconductor manufacturer's stock, valued at approximately $5,564,000. Broadcom comprises about 1.4% of MYDA Advisors LLC's investment portfolio, making the stock its 24th biggest position.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after buying an additional 3,018,294 shares in the last quarter. FMR LLC increased its holdings in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Norges Bank acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $16,893,010,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Broadcom by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 32,808,362 shares of the semiconductor manufacturer's stock worth $7,606,291,000 after acquiring an additional 810,907 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AVGO. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Barclays cut their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday. Benchmark reiterated a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Up 6.2 %

Shares of NASDAQ AVGO traded up $10.91 during trading on Thursday, reaching $187.82. 13,376,742 shares of the stock were exchanged, compared to its average volume of 32,039,018. The company has a market capitalization of $883.14 billion, a price-to-earnings ratio of 153.20, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The business's 50-day moving average price is $185.99 and its 200 day moving average price is $195.85. 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 twelve month low of $122.33 and a twelve month high of $251.88.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.26%. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom declared that its board has approved a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Broadcom Company 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.