Shellback Capital LP Buys Shares of 20,000 Broadcom Inc. (NASDAQ:AVGO)

Shellback Capital LP acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, Holdings Channel reports. The fund acquired 20,000 shares of the semiconductor manufacturer’s stock, valued at approximately $4,637,000.

Other large investors have also bought and sold shares of the company. Regent Peak Wealth Advisors LLC increased its holdings in Broadcom by 3.0% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer’s stock worth $3,086,000 after purchasing an additional 386 shares in the last quarter. RMR Wealth Builders grew its holdings in Broadcom by 1.0% during the 4th quarter. RMR Wealth Builders now owns 70,370 shares of the semiconductor manufacturer’s stock worth $16,315,000 after acquiring an additional 676 shares during the last quarter. Sovereign Financial Group Inc. increased its position in Broadcom by 15.1% in the 4th quarter. Sovereign Financial Group Inc. now owns 5,924 shares of the semiconductor manufacturer’s stock valued at $1,373,000 after acquiring an additional 778 shares during the period. Accurate Wealth Management LLC raised its stake in shares of Broadcom by 6.8% during the fourth quarter. Accurate Wealth Management LLC now owns 18,743 shares of the semiconductor manufacturer’s stock valued at $4,206,000 after acquiring an additional 1,194 shares during the last quarter. Finally, Pines Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $4,854,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on 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 owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated 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 completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $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 ninety days, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Broadcom stock opened at $232.64 on Friday. The stock has a market cap of $1.09 trillion, a P/E ratio of 189.76, a P/E/G ratio of 2.29 and a beta of 1.04. 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 company’s 50 day moving average price is $186.31 and its two-hundred day moving average price is $198.91. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88.

Broadcom declared 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 1.01%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent research reports. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. William Blair reiterated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Citigroup decreased their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. KeyCorp increased their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Finally, Benchmark restated a “buy” rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $229.48.

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.