Townsquare Capital LLC Acquires 63,036 Shares of Broadcom Inc. (NASDAQ:AVGO)

Townsquare Capital LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 43.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,553 shares of the semiconductor manufacturer's stock after acquiring an additional 63,036 shares during the quarter. Townsquare Capital LLC's holdings in Broadcom were worth $48,351,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Legacy Investment Solutions LLC raised its holdings in shares of Broadcom by 92.3% in the fourth quarter. Legacy Investment Solutions LLC now owns 500 shares of the semiconductor manufacturer's stock worth $112,000 after acquiring an additional 240 shares during the last quarter. Crux Wealth Advisors acquired a new stake in shares of Broadcom during the 4th quarter worth about $3,791,000. Nicolet Bankshares Inc. raised its position in shares of Broadcom by 18.2% in the fourth quarter. Nicolet Bankshares Inc. now owns 1,974 shares of the semiconductor manufacturer's stock valued at $458,000 after buying an additional 304 shares during the last quarter. Manhattan West Asset Management LLC lifted its stake in shares of Broadcom by 6.8% during the fourth quarter. Manhattan West Asset Management LLC now owns 29,503 shares of the semiconductor manufacturer's stock valued at $6,840,000 after buying an additional 1,874 shares during the period. Finally, Petros Family Wealth LLC acquired a new position in Broadcom in the 4th quarter valued at $591,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO traded down $3.58 during mid-day trading on Monday, reaching $178.36. 25,706,227 shares of the company's stock traded hands, compared to its average volume of 31,343,073. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The stock has a market capitalization of $838.64 billion, a P/E ratio of 145.48, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The business's 50-day moving average price is $195.52 and its 200-day moving average price is $196.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Remove Ads

Broadcom announced that its board has initiated a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently declared 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. This represents a $2.36 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

Insider Transactions at Broadcom

In other Broadcom news, 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 transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on AVGO shares. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Mizuho decreased their target price on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research report 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. 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. Finally, KeyCorp raised their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $231.68.

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.