Cramer Rosenthal Mcglynn LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Cramer Rosenthal Mcglynn LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 79.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 76,881 shares of the semiconductor manufacturer's stock after buying an additional 33,930 shares during the period. Cramer Rosenthal Mcglynn LLC's holdings in Broadcom were worth $17,824,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of AVGO. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the fourth quarter valued at $26,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $32,000. Bellevue Asset Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth $33,000. Finally, Synergy Investment Management LLC acquired a new stake in Broadcom in the 4th quarter valued at about $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded up $3.56 on Tuesday, hitting $169.77. The company had a trading volume of 5,677,376 shares, compared to its average volume of 31,208,472. The stock has a 50 day moving average price of $188.43 and a 200 day moving average price of $196.17. 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 has a market cap of $798.23 billion, a price-to-earnings ratio of 138.24, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 1-year low of $120.05 and a 1-year 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 paid 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 1.39%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. KeyCorp upped 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. Benchmark reiterated a "buy" rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Mizuho decreased their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Insider Activity

In other Broadcom news, Director Justine Page sold 800 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This trade represents a 3.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom 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 completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is currently owned by company insiders.

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.