Jericho Capital Asset Management L.P. Makes New $147.39 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Jericho Capital Asset Management L.P. acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 635,733 shares of the semiconductor manufacturer’s stock, valued at approximately $147,388,000. Broadcom makes up about 2.1% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 17th biggest position.

Other institutional investors have also modified their holdings of the company. Schonfeld Strategic Advisors LLC lifted its holdings in Broadcom by 366.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 319,468 shares of the semiconductor manufacturer’s stock worth $74,065,000 after buying an additional 250,953 shares during the last quarter. Capstone Financial Advisors Inc. purchased a new position in Broadcom during the 4th quarter worth $704,000. Northern Trust Corp boosted its holdings in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. Bellwether Advisors LLC lifted its holdings in Broadcom by 11.0% in the fourth quarter. Bellwether Advisors LLC now owns 99,736 shares of the semiconductor manufacturer’s stock valued at $23,123,000 after acquiring an additional 9,871 shares during the period. Finally, Public Employees Retirement Association of Colorado boosted its stake in shares of Broadcom by 106.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,265,301 shares of the semiconductor manufacturer’s stock worth $293,347,000 after acquiring an additional 653,619 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the firm’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 transaction, the director now directly 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 ownership of the stock. 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 in the last 90 days. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 0.1 %

NASDAQ:AVGO opened at $192.47 on Tuesday. 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 cap of $904.98 billion, a PE ratio of 156.99, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The stock’s 50-day moving average is $183.64 and its two-hundred day moving average is $196.24. Broadcom Inc. has a fifty-two week low of $122.33 and a fifty-two week high of $251.88.

Broadcom declared that its board has initiated a stock repurchase 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 often an indication that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.23%. Broadcom’s dividend payout ratio is presently 113.46%.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research reports. Barclays lowered their price target on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Morgan Stanley increased their target price on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

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.