NorthRock Partners LLC Acquires 26,926 Shares of Broadcom Inc. (NASDAQ:AVGO)

NorthRock Partners LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 121.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 49,024 shares of the semiconductor manufacturer’s stock after acquiring an additional 26,926 shares during the quarter. NorthRock Partners LLC’s holdings in Broadcom were worth $11,366,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Canton Hathaway LLC bought a new position in Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC bought a new stake in Broadcom during the fourth quarter worth about $32,000. Bellevue Asset Management LLC acquired a new stake in Broadcom during the fourth quarter worth about $33,000. Finally, Synergy Investment Management LLC bought a new position in Broadcom in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 4.9%

Shares of NASDAQ:AVGO opened at $232.42 on Wednesday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business’s 50-day moving average is $184.61 and its 200-day moving average is $198.26. The company has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 189.58, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom announced that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the 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 transaction, the insider now owns 465,956 shares of the company’s stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 719,776 shares of company stock valued at $131,065,542. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Bank of America reduced their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Mizuho decreased their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $229.48.

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.