Cramer Rosenthal Mcglynn LLC Buys 33,930 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cramer Rosenthal Mcglynn LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 79.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,881 shares of the semiconductor manufacturer’s stock after buying an additional 33,930 shares during the period. Cramer Rosenthal Mcglynn LLC’s holdings in Broadcom were worth $17,824,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating and set a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Bank of America lowered their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday. Citigroup reduced their price objective 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. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, William Blair reiterated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $231.28.

Insider Buying and Selling at Broadcom

In other 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, 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. Over the last quarter, insiders sold 719,776 shares of company stock valued at $131,065,542. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Down 2.1 %

Shares of Broadcom stock opened at $170.99 on Friday. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The company’s fifty day simple moving average is $191.12 and its 200-day simple moving average is $195.87. 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 $803.99 billion, a PE ratio of 139.47, a P/E/G ratio of 2.29 and a beta of 1.05.

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 given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.38%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.