Sulzberger Capital Advisors Inc. Invests $1.62 Million in Broadcom Inc. (NASDAQ:AVGO)

Sulzberger Capital Advisors Inc. acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,977 shares of the semiconductor manufacturer’s stock, valued at approximately $1,618,000. Broadcom comprises 1.8% of Sulzberger Capital Advisors Inc.’s holdings, making the stock its 16th biggest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Canton Hathaway LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $35,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on AVGO shares. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research report on Wednesday. Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Truist Financial raised 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. KeyCorp lifted 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. Finally, Citigroup reduced their price target on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Three research 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 company’s stock. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $229.48.

Insider Activity

In other news, Director Henry Samueli sold 663,976 shares of the firm’s 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 sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, 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. Insiders have sold 719,776 shares of company stock valued at $131,065,542 in the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Stock Up 0.7 %

NASDAQ:AVGO opened at $192.47 on Thursday. The company has a market cap of $904.98 billion, a PE ratio of 156.99, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a twelve month low of $122.33 and a twelve month high of $251.88. 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’s 50 day moving average is $182.40 and its two-hundred day moving average is $196.18.

Broadcom Dividend Announcement

The firm 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. This represents a $2.36 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.