Point72 Asia Singapore Pte. Ltd. Takes $10.28 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 44,340 shares of the semiconductor manufacturer’s stock, valued at approximately $10,280,000. Broadcom accounts for approximately 2.7% of Point72 Asia Singapore Pte. Ltd.’s holdings, making the stock its 4th biggest position.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Vanguard Group Inc. increased its position in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC boosted its stake in Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares during the last quarter. FMR LLC boosted its stake in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new stake in shares of Broadcom during the fourth quarter worth $16,893,010,000. Finally, Northern Trust Corp raised its position in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 0.1%

NASDAQ AVGO opened at $232.12 on Thursday. 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 stock has a market capitalization of $1.09 trillion, a P/E ratio of 189.33, a PEG ratio of 2.29 and a beta of 1.04. The firm’s 50-day moving average is $185.35 and its two-hundred day moving average is $198.49. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88.

Broadcom Announces Dividend

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

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Citigroup lowered their target price on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Bank of America dropped their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value 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 approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is currently owned by insiders.

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.