New Vernon Investment Management LLC Buys 77,047 Shares of Broadcom Inc. (NASDAQ:AVGO)

New Vernon Investment Management LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 700.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,047 shares of the semiconductor manufacturer’s stock after buying an additional 77,047 shares during the period. Broadcom accounts for 12.3% of New Vernon Investment Management LLC’s investment portfolio, making the stock its 4th largest holding. New Vernon Investment Management LLC’s holdings in Broadcom were worth $20,413,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of AVGO. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $16,893,010,000. Franklin Resources Inc. raised its position in Broadcom by 1,114.6% in the 3rd quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer’s stock valued at $3,849,270,000 after purchasing an additional 19,375,547 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. GQG Partners LLC grew its position in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This trade represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. KeyCorp increased their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Mizuho decreased their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Morgan Stanley lifted their target price on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Barclays cut their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Truist Financial lifted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Stock Performance

Shares of AVGO opened at $188.15 on Friday. Broadcom Inc. has a 12-month low of $122.33 and a 12-month high of $251.88. The stock has a market cap of $884.67 billion, a P/E ratio of 153.47, a PEG ratio of 2.29 and a beta of 1.05. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a 50-day moving average of $185.09 and a two-hundred day moving average of $195.94.

Broadcom declared that its board has approved a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.25%. Broadcom’s dividend payout ratio is currently 113.46%.

About Broadcom

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.