Stonebrook Private Inc. Makes New $4.63 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Stonebrook Private Inc. purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,151 shares of the semiconductor manufacturer’s stock, valued at approximately $4,633,000. Broadcom accounts for about 1.5% of Stonebrook Private Inc.’s investment portfolio, making the stock its 16th biggest position.

Several other hedge funds have also made changes to their positions in the stock. International Assets Investment Management LLC lifted its stake in Broadcom by 113,495.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after buying an additional 3,324,288 shares during the last quarter. Wellington Management Group LLP lifted its position in Broadcom by 43.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after purchasing an additional 1,228,755 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in Broadcom during the 3rd quarter valued at about $560,563,000. FMR LLC grew its position in Broadcom by 16.7% in the 3rd quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock worth $3,338,203,000 after purchasing an additional 573,826 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Broadcom by 19.1% during the third quarter. Invesco Ltd. now owns 3,206,601 shares of the semiconductor manufacturer’s stock valued at $2,663,339,000 after buying an additional 514,120 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock valued at $40,306,667 over the last three months. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several analyst reports. Susquehanna raised their target price on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a report on Monday, April 8th. Barclays raised their target price on shares of Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, Benchmark reiterated a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Stock Up 3.8 %

Shares of NASDAQ AVGO traded up $49.65 during mid-day trading on Friday, reaching $1,344.07. The company had a trading volume of 2,409,983 shares, compared to its average volume of 2,322,994. The stock has a fifty day moving average of $1,306.70 and a two-hundred day moving average of $1,135.99. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The company has a market capitalization of $622.87 billion, a price-to-earnings ratio of 49.82, a PEG ratio of 2.74 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter last year, the firm earned $9.83 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is presently 77.84%.

About Broadcom

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.