Dimension Capital Management LLC Acquires New Position in Broadcom Inc. (NASDAQ:AVGO)

Dimension Capital Management LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 1,350 shares of the semiconductor manufacturer’s stock, valued at approximately $313,000.

Several other hedge funds also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the 4th quarter worth approximately $26,000. Sellwood Investment Partners LLC acquired a new stake in Broadcom during the 4th quarter worth $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom in the fourth quarter valued at $33,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Truist Financial raised their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Bank of America lowered their price objective on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley increased their price objective on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Finally, KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Three research 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $229.48.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were 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 approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on 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 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 disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock worth $131,065,542 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Stock Up 2.4 %

AVGO stock opened at $204.81 on Thursday. 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 business has a 50 day moving average price of $182.12 and a two-hundred day moving average price of $196.94. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88. The company has a market cap of $963.01 billion, a price-to-earnings ratio of 167.06, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.15%. Broadcom’s dividend payout ratio is currently 113.46%.

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

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.