Schonfeld Strategic Advisors LLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Schonfeld Strategic Advisors LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 366.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 319,468 shares of the semiconductor manufacturer’s stock after buying an additional 250,953 shares during the quarter. Broadcom accounts for 0.4% of Schonfeld Strategic Advisors LLC’s investment portfolio, making the stock its 19th largest holding. Schonfeld Strategic Advisors LLC’s holdings in Broadcom were worth $74,065,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of AVGO. Canton Hathaway LLC purchased a new position in Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $26,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $33,000. Finally, Synergy Investment Management LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on AVGO shares. Morgan Stanley lifted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. KeyCorp lifted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Bank of America decreased their target price on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report 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 stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Stock Performance

Shares of Broadcom stock opened at $192.47 on Tuesday. Broadcom Inc. has a one year low of $122.33 and a one year high of $251.88. The company has a market cap of $904.98 billion, a price-to-earnings ratio of 156.99, a PEG ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The business’s 50 day moving average price is $183.64 and its 200 day moving average price is $196.24.

Broadcom Dividend Announcement

The business also recently disclosed 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 of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. Broadcom’s payout ratio is 113.46%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 over the last quarter. 2.00% of the stock is owned by 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.