Gladstone Capital Management LLP Buys New Stake in Broadcom Inc. (NASDAQ:AVGO)

Gladstone Capital Management LLP acquired a new position in shares of 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 firm acquired 59,200 shares of the semiconductor manufacturer's stock, valued at approximately $13,725,000. Broadcom makes up approximately 1.1% of Gladstone Capital Management LLP's investment portfolio, making the stock its 16th biggest position.

Several other institutional investors have also modified their holdings of AVGO. Resona Asset Management Co. Ltd. purchased a new stake in Broadcom in the fourth quarter valued at approximately $306,526,000. Pioneer Trust Bank N A OR boosted its stake in Broadcom by 21.6% during the 4th quarter. Pioneer Trust Bank N A OR now owns 1,982 shares of the semiconductor manufacturer's stock worth $460,000 after purchasing an additional 352 shares during the period. First Western Trust Bank grew its position in Broadcom by 2.0% during the 4th quarter. First Western Trust Bank now owns 3,290 shares of the semiconductor manufacturer's stock worth $763,000 after purchasing an additional 63 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new position in Broadcom in the fourth quarter valued at $727,000. Finally, PAX Financial Group LLC raised its holdings in shares of Broadcom by 111.9% in the fourth quarter. PAX Financial Group LLC now owns 10,847 shares of the semiconductor manufacturer's stock valued at $2,515,000 after buying an additional 5,727 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on AVGO shares. JPMorgan Chase & Co. boosted their price target on Broadcom from $210.00 to $250.00 and gave the company an "overweight" rating in a research report on Friday, December 13th. Jefferies Financial Group upped their price target on Broadcom from $205.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Robert W. Baird lifted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Piper Sandler boosted their price objective on shares of Broadcom from $200.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a "buy" rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $231.48.

Broadcom Price Performance

Broadcom stock traded up $4.93 during midday trading on Wednesday, reaching $160.96. 15,674,040 shares of the company were exchanged, compared to its average volume of 32,012,674. The firm's 50-day simple moving average is $198.58 and its 200-day simple moving average is $195.95. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The company has a market capitalization of $756.80 billion, a price-to-earnings ratio of 131.30, a P/E/G 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is 113.46%.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction 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 transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This represents 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 owned by company insiders.

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.