IronBridge Private Wealth LLC Buys Shares of 1,591 Broadcom Inc. (NASDAQ:AVGO)

IronBridge Private Wealth LLC acquired a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 1,591 shares of the semiconductor manufacturer's stock, valued at approximately $369,000.

Several other institutional investors also recently bought and sold shares of AVGO. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Broadcom by 3.0% in the 4th 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 during the period. FMR LLC grew its position in shares of 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 buying an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $16,893,010,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Broadcom by 2.5% during the fourth 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 acquiring an additional 810,907 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of Broadcom 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 sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Up 6.1 %

AVGO traded up $10.75 during trading on Thursday, hitting $187.66. 13,376,742 shares of the company's stock traded hands, compared to its average volume of 32,039,018. The stock has a market capitalization of $882.39 billion, a price-to-earnings ratio of 153.20, a PEG ratio of 2.29 and a beta of 1.05. The company's 50 day simple moving average is $185.99 and its two-hundred day simple moving average is $195.85. Broadcom Inc. has a 12-month low of $122.33 and a 12-month high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom announced that its board has approved a share repurchase 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 stock through open market purchases. Stock buyback plans are usually an indication that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have issued reports on AVGO. Bank of America reduced their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Citigroup reduced their target price on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Barclays lowered their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday. 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

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.