Malaga Cove Capital LLC Acquires 99 Shares of Broadcom Inc. (NASDAQ:AVGO)

Malaga Cove Capital LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.1% during the fourth quarter, HoldingsChannel reports. The firm owned 9,399 shares of the semiconductor manufacturer’s stock after buying an additional 99 shares during the period. Malaga Cove Capital LLC’s holdings in Broadcom were worth $2,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Canton Hathaway LLC bought a new position in Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter valued at about $32,000. Bellevue Asset Management LLC bought a new position in Broadcom in the fourth quarter valued at about $33,000. Finally, Synergy Investment Management LLC bought a new position in Broadcom in the fourth quarter valued at about $35,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVGO has been the subject of a number of analyst reports. Citigroup reduced their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Truist Financial upped their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. Finally, Rosenblatt Securities restated a “buy” rating and issued 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 issued a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $229.48.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred 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 directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock worth $131,065,542 in the last quarter. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $232.42 on Wednesday. The stock has a market capitalization of $1.09 trillion, a PE ratio of 189.58, a P/E/G ratio of 2.29 and a beta of 1.04. The business has a 50 day simple moving average of $184.61 and a two-hundred day simple moving average of $198.26. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Broadcom announced that its board has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.