South Street Advisors LLC Buys New Holdings in Broadcom Inc. (NASDAQ:AVGO)

South Street Advisors LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 12,070 shares of the semiconductor manufacturer’s stock, valued at approximately $2,798,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division boosted its holdings in Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after acquiring an additional 3,707 shares during the last quarter. Wolff Financial Management LLC purchased a new position in Broadcom in the fourth quarter valued at about $244,000. Strait & Sound Wealth Management LLC raised its position in Broadcom by 829.8% in the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock valued at $1,371,000 after purchasing an additional 7,095 shares during the period. Motive Wealth Advisors raised its position in Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after purchasing an additional 4,209 shares during the period. Finally, Tidal Investments LLC raised its position in Broadcom by 969.3% in the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock valued at $66,696,000 after purchasing an additional 350,485 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $194.50 on Tuesday. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The stock has a market cap of $914.53 billion, a price-to-earnings ratio of 158.65, a PEG ratio of 2.29 and a beta of 1.01. The stock’s 50 day moving average price is $217.28 and its 200 day moving average price is $194.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.21%. Broadcom’s payout ratio is 113.46%.

Insider Buying and Selling

In other Broadcom news, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the transaction, the director now owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This represents a 69.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 12,570 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $229.62, for a total value of $2,886,323.40. Following the completion of the transaction, the chief financial officer now directly owns 325,443 shares in the company, valued at $74,728,221.66. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 184,738 shares of company stock valued at $43,395,200 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on AVGO. Bank of America raised their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Barclays raised their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Hsbc Global Res raised Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley lifted their target price on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $231.48.

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.