Titan Global Capital Management USA LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 41,945 shares of the semiconductor manufacturer's stock, valued at approximately $9,724,000. Broadcom accounts for approximately 1.5% of Titan Global Capital Management USA LLC's investment portfolio, making the stock its 22nd biggest position.
A number of other large investors have also made changes to their positions in the stock. Canton Hathaway LLC acquired a new stake in Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the 4th quarter worth $26,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $32,000. Bellevue Asset Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $33,000. Finally, Synergy Investment Management LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.
Broadcom Stock Down 2.0 %
Shares of NASDAQ AVGO traded down $3.58 during mid-day trading on Monday, reaching $178.36. 25,312,472 shares of the company traded hands, compared to its average volume of 31,342,019. The company's fifty day moving average is $195.52 and its two-hundred day moving average is $196.11. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. 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 has a market cap of $838.64 billion, a PE ratio of 145.48, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.
Broadcom Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.32%. 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 repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.
Wall Street Analyst Weigh In
Several research firms have commented on AVGO. Morgan Stanley raised their price objective on Broadcom from $246.00 to $260.00 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 on the stock in a report on Friday, March 7th. Barclays upped their price objective on Broadcom from $205.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 target price on shares of Broadcom 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 stock. Based on data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $231.68.
Get Our Latest Stock Analysis on AVGO
Insider Buying and Selling
In other news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Broadcom Profile
(
Free Report)
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.
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