Grand Alliance Asset Management Ltd Buys New Position in Broadcom Inc. (NASDAQ:AVGO)

Grand Alliance Asset Management Ltd bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 34,000 shares of the semiconductor manufacturer’s stock, valued at approximately $7,883,000. Broadcom makes up about 8.7% of Grand Alliance Asset Management Ltd’s portfolio, making the stock its 4th largest position.

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

Insiders Place Their Bets

In related news, Director Henry Samueli sold 663,976 shares of the 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 sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Citigroup dropped their price target on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Barclays cut their price objective on Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Benchmark reaffirmed a “buy” rating and issued a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Stock Up 6.4 %

Broadcom stock opened at $188.15 on Friday. Broadcom Inc. has a twelve month low of $122.33 and a twelve month high of $251.88. The stock’s fifty day simple moving average is $185.09 and its 200-day simple moving average is $195.94. 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 firm has a market capitalization of $884.67 billion, a P/E ratio of 153.47, a P/E/G ratio of 2.29 and a beta of 1.05.

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

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.25%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) 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.