1,392,493 Shares in Broadcom Inc. (NASDAQ:AVGO) Bought by Nearwater Capital Markets Ltd

Nearwater Capital Markets Ltd purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 1,392,493 shares of the semiconductor manufacturer’s stock, valued at approximately $322,836,000. Broadcom accounts for 9.2% of Nearwater Capital Markets Ltd’s investment portfolio, making the stock its 2nd biggest position.

Several other institutional investors have also added to or reduced their stakes in the company. NorthRock Partners LLC lifted its holdings in Broadcom by 121.8% during the 4th quarter. NorthRock Partners LLC now owns 49,024 shares of the semiconductor manufacturer’s stock valued at $11,366,000 after buying an additional 26,926 shares in the last quarter. Northwest Quadrant Wealth Management LLC purchased a new stake in shares of Broadcom during the 4th quarter worth $304,000. Numerai GP LLC raised its holdings in Broadcom by 82.7% in the fourth quarter. Numerai GP LLC now owns 3,051 shares of the semiconductor manufacturer’s stock worth $707,000 after purchasing an additional 1,381 shares in the last quarter. Occudo Quantitative Strategies LP grew its position in shares of Broadcom by 406.8% in the 4th quarter. Occudo Quantitative Strategies LP now owns 25,045 shares of the semiconductor manufacturer’s stock worth $5,806,000 after buying an additional 20,103 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp lifted its stake in Broadcom by 1.2% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 1,251,794 shares of the semiconductor manufacturer’s stock valued at $290,216,000 after acquiring an additional 14,265 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

AVGO opened at $232.42 on Wednesday. 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 stock has a market cap of $1.09 trillion, a price-to-earnings ratio of 189.58, a PEG ratio of 2.29 and a beta of 1.04. The stock has a fifty day moving average price of $184.61 and a 200 day moving average price of $198.26. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AVGO. Bank of America decreased their target price on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Barclays lowered their target price 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. Truist Financial upped their price target on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus 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.