Twinbeech Capital LP Acquires Shares of 308,461 Broadcom Inc. (NASDAQ:AVGO)

Twinbeech Capital LP acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 308,461 shares of the semiconductor manufacturer’s stock, valued at approximately $71,514,000. Broadcom comprises about 1.2% of Twinbeech Capital LP’s holdings, making the stock its 3rd largest position.

Other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new stake in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC acquired a new stake in Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC acquired a new stake in Broadcom in the 4th quarter valued at about $33,000. Finally, Synergy Investment Management LLC acquired a new stake in Broadcom in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 in the last ninety days. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on the stock. Truist Financial increased their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley increased their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Mizuho dropped their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Finally, Citigroup dropped their price target 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. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $229.48.

Broadcom Price Performance

Broadcom stock opened at $228.61 on Monday. The firm has a market cap of $1.07 trillion, a PE ratio of 186.47, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company’s 50 day moving average is $187.08 and its two-hundred day moving average is $199.61.

Broadcom announced that its Board of Directors has authorized a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.03%. Broadcom’s dividend payout ratio (DPR) is presently 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.