Manhattan West Asset Management LLC Has $6.84 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Manhattan West Asset Management LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,503 shares of the semiconductor manufacturer's stock after buying an additional 1,874 shares during the quarter. Broadcom comprises 1.8% of Manhattan West Asset Management LLC's holdings, making the stock its 16th biggest position. Manhattan West Asset Management LLC's holdings in Broadcom were worth $6,840,000 as of its most recent filing with the Securities and Exchange Commission.

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

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Analyst Ratings Changes

A number of analysts recently issued reports on the company. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Mizuho reduced their target price on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Citigroup decreased their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday. Finally, Barclays raised their price target on shares of Broadcom from $205.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and an average price target of $231.68.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the business'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 transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction 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 sale, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

NASDAQ AVGO traded down $3.58 on Monday, hitting $178.36. 25,706,227 shares of the stock were exchanged, compared to its average volume of 31,343,073. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business's fifty day moving average is $195.52 and its 200 day moving average is $196.11. The company has a market capitalization of $838.64 billion, a PE ratio of 145.48, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.32%. Broadcom's dividend payout ratio (DPR) is 113.46%.

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

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.