Brooklyn FI LLC Makes New $3.56 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Brooklyn FI LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 15,360 shares of the semiconductor manufacturer’s stock, valued at approximately $3,561,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Tallon Kerry Patrick acquired a new stake in shares of Broadcom during the 4th quarter worth about $357,000. Capital & Planning LLC boosted its holdings in shares of Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after acquiring an additional 554 shares during the period. LaFleur & Godfrey LLC grew its position in shares of Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after purchasing an additional 12,345 shares during the last quarter. First PREMIER Bank boosted its stake in Broadcom by 117.9% in the 4th quarter. First PREMIER Bank now owns 850 shares of the semiconductor manufacturer’s stock valued at $197,000 after purchasing an additional 460 shares during the period. Finally, D.B. Root & Company LLC lifted its holdings in shares of Broadcom by 3.6% during the fourth quarter. D.B. Root & Company LLC now owns 5,525 shares of the semiconductor manufacturer’s stock worth $1,281,000 after buying an additional 191 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated 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 completion of the transaction, the insider now 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 disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 in the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $228.72 on Monday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. 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 price is $190.82 and its 200-day moving average price is $201.55. The firm has a market capitalization of $1.08 trillion, a P/E ratio of 186.56, a P/E/G ratio of 2.29 and a beta of 1.04.

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

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors 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 currently 113.46%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several analyst reports. William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Bank of America lowered their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Citigroup cut their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Finally, Barclays decreased their target price on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

About Broadcom

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.