Rossby Financial LCC Buys Shares of 3,692 Broadcom Inc. (NASDAQ:AVGO)

Rossby Financial LCC bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,692 shares of the semiconductor manufacturer's stock, valued at approximately $856,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Howard Capital Management Group LLC raised its stake in shares of Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock worth $524,000 after buying an additional 2,908 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after acquiring an additional 6,540,800 shares during the last quarter. Invst LLC lifted its stake in shares of Broadcom by 928.6% in the 3rd quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock valued at $522,000 after purchasing an additional 2,730 shares during the period. McIlrath & Eck LLC boosted its position in shares of Broadcom by 793.3% in the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock worth $69,000 after purchasing an additional 357 shares during the last quarter. Finally, Passumpsic Savings Bank grew its stake in shares of Broadcom by 900.9% during the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock worth $2,743,000 after purchasing an additional 14,315 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Ratings Changes

AVGO has been the topic of a number of recent analyst reports. KeyCorp raised their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Morgan Stanley boosted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 target price on shares of Broadcom 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 report on Friday, March 7th. Finally, Mizuho dropped their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $231.28.

Broadcom Stock Down 2.1 %

AVGO traded down $3.62 during trading on Friday, reaching $170.99. 22,452,143 shares of the stock were exchanged, compared to its average volume of 31,367,663. The stock has a market cap of $803.99 billion, a P/E ratio of 139.47, a price-to-earnings-growth 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. The stock's 50 day moving average price is $191.12 and its two-hundred day moving average price is $195.87. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors 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 dividend on an annualized basis and a yield of 1.38%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

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

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock worth $131,065,542 over the last three months. Insiders own 2.00% of the company's stock.

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.