Point72 Asset Management L.P. Has $147.60 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Point72 Asset Management L.P. increased its position in Broadcom Inc. (NASDAQ:AVGO) by 133.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 636,648 shares of the semiconductor manufacturer’s stock after purchasing an additional 363,544 shares during the quarter. Point72 Asset Management L.P.’s holdings in Broadcom were worth $147,600,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Regent Peak Wealth Advisors LLC grew its holdings in Broadcom by 3.0% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer’s stock worth $3,086,000 after acquiring an additional 386 shares during the period. RMR Wealth Builders boosted its position in shares of Broadcom by 1.0% in the 4th quarter. RMR Wealth Builders now owns 70,370 shares of the semiconductor manufacturer’s stock worth $16,315,000 after purchasing an additional 676 shares during the last quarter. Traveka Wealth LLC grew its stake in shares of Broadcom by 16.8% during the fourth quarter. Traveka Wealth LLC now owns 6,800 shares of the semiconductor manufacturer’s stock worth $1,577,000 after purchasing an additional 979 shares during the period. Ellenbecker Investment Group grew its stake in shares of Broadcom by 11.5% during the fourth quarter. Ellenbecker Investment Group now owns 1,871 shares of the semiconductor manufacturer’s stock worth $434,000 after purchasing an additional 193 shares during the period. Finally, TPG Financial Advisors LLC bought a new stake in Broadcom in the fourth quarter valued at about $202,000. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, 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 value of $5,839,500.00. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 719,776 shares of company stock worth $131,065,542. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVGO. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. KeyCorp boosted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Citigroup lowered their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $229.48.

Broadcom Stock Down 0.1%

Shares of Broadcom stock opened at $232.12 on Thursday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The business’s 50 day simple moving average is $185.35 and its 200 day simple moving average is $198.49. The firm has a market cap of $1.09 trillion, a PE ratio of 189.33, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom announced that its Board of Directors has approved a share 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given 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 is currently 113.46%.

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.