Whale Rock Capital Management LLC Has $594.41 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Whale Rock Capital Management LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 25.7% 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 2,563,881 shares of the semiconductor manufacturer’s stock after purchasing an additional 524,277 shares during the quarter. Broadcom makes up about 7.0% of Whale Rock Capital Management LLC’s investment portfolio, making the stock its 2nd largest holding. Whale Rock Capital Management LLC owned approximately 0.05% of Broadcom worth $594,410,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Canton Hathaway LLC bought a new position in shares of Broadcom in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the fourth quarter worth $26,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the fourth quarter worth $32,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom during the fourth quarter worth $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom during the fourth quarter worth $35,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Henry Samueli sold 663,976 shares of the 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 transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Up 0.9%

Shares of Broadcom stock opened at $230.63 on Tuesday. 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. The firm’s 50-day moving average is $187.81 and its two-hundred day moving average is $200.05. The stock has a market cap of $1.08 trillion, a price-to-earnings ratio of 188.12, a PEG ratio of 2.29 and a beta of 1.04.

Broadcom declared that its board has initiated a share 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 purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

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. 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%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AVGO shares. 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. William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Barclays decreased their price target on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Benchmark reaffirmed a “buy” rating and set a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Mizuho decreased their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note 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 assigned a strong buy rating to the stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

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.