Fire Capital Management LLC Acquires Shares of 6,426 Broadcom Inc. (NASDAQ:AVGO)

Fire Capital Management LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,426 shares of the semiconductor manufacturer’s stock, valued at approximately $1,490,000. Broadcom makes up 1.1% of Fire Capital Management LLC’s holdings, making the stock its 24th largest position.

Several other hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC boosted its holdings in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Norges Bank acquired a new position in Broadcom during the fourth quarter worth about $16,893,010,000. Finally, Northern Trust Corp increased its holdings in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated 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 sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of the 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 sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on AVGO. Bank of America decreased their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, Benchmark reiterated a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.15.

Broadcom Stock Up 1.6%

AVGO opened at $239.43 on Thursday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The business has a 50-day moving average of $193.34 and a two-hundred day moving average of $202.36. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 195.30, a price-to-earnings-growth 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 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

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

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.