Petros Family Wealth LLC Makes New $591,000 Investment in Broadcom Inc. (NASDAQ:AVGO)

Petros Family Wealth LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,548 shares of the semiconductor manufacturer's stock, valued at approximately $591,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NFP Retirement Inc. increased its holdings in shares of Broadcom by 14.0% in the 4th quarter. NFP Retirement Inc. now owns 1,987 shares of the semiconductor manufacturer's stock valued at $461,000 after purchasing an additional 244 shares in the last quarter. Sterling Capital Management LLC increased its stake in Broadcom by 7.1% in the 4th quarter. Sterling Capital Management LLC now owns 193,888 shares of the semiconductor manufacturer's stock valued at $44,951,000 after purchasing an additional 12,917 shares in the last quarter. Titan Global Capital Management USA LLC purchased a new stake in shares of Broadcom in the 4th quarter worth about $9,724,000. Hobbs Wealth Management LLC purchased a new stake in Broadcom in the 4th quarter valued at approximately $483,000. Finally, Coign Capital Advisors LLC acquired a new stake in shares of Broadcom during the fourth quarter valued at $811,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup lowered their target price on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday. William Blair reiterated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Barclays boosted their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, January 17th. KeyCorp increased their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Finally, Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $231.68.

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Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction 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 directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated 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 transaction, 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 position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $3.58 during trading hours on Monday, hitting $178.36. The stock had a trading volume of 25,706,227 shares, compared to its average volume of 31,343,073. The stock's fifty day simple moving average is $195.52 and its 200 day simple moving average is $196.11. The firm has a market capitalization of $838.64 billion, a price-to-earnings ratio of 145.48, a PEG 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 1-year low of $119.76 and a 1-year high of $251.88.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 dividend yield of 1.32%. Broadcom's payout ratio is 113.46%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership 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.