Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Cerro Pacific Wealth Advisors LLC

Cerro Pacific Wealth Advisors LLC raised its position in Broadcom Inc. (NASDAQ:AVGO) by 3.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,138 shares of the semiconductor manufacturer’s stock after buying an additional 601 shares during the period. Broadcom comprises about 1.1% of Cerro Pacific Wealth Advisors LLC’s portfolio, making the stock its 25th largest holding. Cerro Pacific Wealth Advisors LLC’s holdings in Broadcom were worth $3,204,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Tallon Kerry Patrick purchased a new position in shares of Broadcom in the fourth quarter worth about $357,000. Capital & Planning LLC lifted its stake in Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after purchasing an additional 554 shares in the last quarter. LaFleur & Godfrey LLC lifted its stake in Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Brighton Jones LLC boosted its holdings in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $71,312,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on AVGO. Morgan Stanley boosted their price objective on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Oppenheimer boosted their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Barclays reduced 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. Finally, Benchmark reissued a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $238.77.

Broadcom Price Performance

Shares of AVGO opened at $239.50 on Friday. The company has a market cap of $1.13 trillion, a P/E ratio of 195.35, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two 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 firm’s 50 day moving average price is $195.38 and its 200 day moving average price is $203.43.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Broadcom declared that its Board of Directors has approved a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Broadcom news, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated 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 owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

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.