Point72 Asset Management L.P. Acquires 363,544 Shares of Broadcom Inc. (NASDAQ:AVGO)

Point72 Asset Management L.P. boosted its stake in shares of 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 and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after acquiring an additional 18,845 shares during the last quarter. Wolff Financial Management LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $244,000. Motive Wealth Advisors boosted its stake in Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after purchasing an additional 4,209 shares during the period. Nebula Research & Development LLC grew its holdings in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after buying an additional 14,399 shares in the last quarter. Finally, TTP Investments Inc. grew its holdings in Broadcom by 71.7% in the 4th quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer’s stock valued at $14,061,000 after buying an additional 25,330 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Down 0.1%

Shares of NASDAQ AVGO opened at $232.12 on Thursday. The stock has a 50-day moving average price of $185.35 and a two-hundred day moving average price of $198.49. Broadcom Inc. has a 12 month low of $128.50 and a 12 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 has a market cap of $1.09 trillion, a price-to-earnings ratio of 189.33, a PEG ratio of 2.29 and a beta of 1.04.

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

Broadcom Dividend Announcement

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

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 in the last quarter. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVGO. Morgan Stanley boosted their target price on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report 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. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Bank of America dropped their price target on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

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.