Leigh Baldwin & CO. LLC Makes New $296.76 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Leigh Baldwin & CO. LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,280,034 shares of the semiconductor manufacturer’s stock, valued at approximately $296,763,000. Broadcom makes up about 1.6% of Leigh Baldwin & CO. LLC’s portfolio, making the stock its 17th largest holding.

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

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $208.26 on Monday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88. The firm has a fifty day simple moving average of $182.95 and a 200 day simple moving average of $197.68. The company has a market capitalization of $979.23 billion, a PE ratio of 169.87, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.13%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Broadcom announced that its board has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Bank of America dropped their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Truist Financial upped their price target on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Citigroup lowered their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Finally, Barclays lowered their target price on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Three investment 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 an average target price of $229.48.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated 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 $95,564,585.40. The trade was a 5.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 719,776 shares of company stock valued at $131,065,542. Corporate insiders own 2.00% of the company’s stock.

Broadcom 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.