MYDA Advisors LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

MYDA Advisors LLC bought a new stake 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 24,000 shares of the semiconductor manufacturer’s stock, valued at approximately $5,564,000. Broadcom accounts for about 1.4% of MYDA Advisors LLC’s portfolio, making the stock its 24th largest holding.

Other large investors also recently modified their holdings of the company. MetLife Investment Management LLC lifted its stake in Broadcom by 1.3% in the fourth quarter. MetLife Investment Management LLC now owns 1,434,573 shares of the semiconductor manufacturer’s stock valued at $332,591,000 after purchasing an additional 18,925 shares during the last quarter. NWK Group Inc. lifted its position in shares of Broadcom by 0.8% during the 4th quarter. NWK Group Inc. now owns 78,148 shares of the semiconductor manufacturer’s stock valued at $18,118,000 after buying an additional 617 shares during the last quarter. Norinchukin Bank The grew its stake in shares of Broadcom by 1.4% during the 4th quarter. Norinchukin Bank The now owns 232,163 shares of the semiconductor manufacturer’s stock worth $53,825,000 after acquiring an additional 3,280 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Broadcom by 56.9% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 841,612 shares of the semiconductor manufacturer’s stock worth $195,119,000 after acquiring an additional 305,101 shares during the last quarter. Finally, Capital International Inc. CA raised its stake in Broadcom by 8.3% in the 4th quarter. Capital International Inc. CA now owns 2,326,743 shares of the semiconductor manufacturer’s stock valued at $539,432,000 after acquiring an additional 177,888 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 2.1 %

Shares of AVGO opened at $170.99 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a fifty-two week low of $120.05 and a fifty-two week high of $251.88. The firm has a 50 day moving average price of $189.84 and a 200-day moving average price of $196.07. The firm has a market cap of $803.99 billion, a price-to-earnings ratio of 139.47, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom announced that its board has authorized a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.38%. Broadcom’s payout ratio is 113.46%.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. 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. Truist Financial raised their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Barclays lifted their price target on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, KeyCorp raised their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.28.

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.