Townsquare Capital LLC Buys 63,036 Shares of Broadcom Inc. (NASDAQ:AVGO)

Townsquare Capital LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 43.3% during the fourth quarter, Holdings Channel reports. The fund owned 208,553 shares of the semiconductor manufacturer’s stock after acquiring an additional 63,036 shares during the period. Townsquare Capital LLC’s holdings in Broadcom were worth $48,351,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter worth approximately $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $33,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO stock opened at $181.94 on Friday. The business’s fifty day moving average is $195.52 and its 200 day moving average is $195.99. 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 stock has a market cap of $855.47 billion, a price-to-earnings ratio of 148.40, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Broadcom declared that its board has initiated a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AVGO. Piper Sandler lifted their target price on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Evercore ISI lifted their price objective on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Citigroup decreased their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note 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. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.68.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on 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 directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Company 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.