MML Investors Services LLC Acquires 24,077 Shares of Broadcom Inc. (NASDAQ:AVGO)

MML Investors Services LLC grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 477,086 shares of the semiconductor manufacturer's stock after acquiring an additional 24,077 shares during the quarter. MML Investors Services LLC's holdings in Broadcom were worth $110,608,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of AVGO. Norges Bank acquired a new position in Broadcom in the fourth quarter worth about $16,893,010,000. Franklin Resources Inc. grew its stake in shares of Broadcom by 1,114.6% in the 3rd quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock valued at $3,849,270,000 after purchasing an additional 19,375,547 shares during the period. GQG Partners LLC raised its holdings in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after buying an additional 6,809,245 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after buying an additional 6,540,800 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVGO. Citigroup cut their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday, April 11th. KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Truist Financial lifted their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Finally, Benchmark restated a "buy" rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three equities 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 data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Trading Up 6.2 %

Shares of AVGO stock traded up $10.91 on Thursday, reaching $187.82. The company had a trading volume of 13,376,742 shares, compared to its average volume of 32,039,018. The company has a 50-day moving average of $185.99 and a 200-day moving average of $195.85. Broadcom Inc. has a 12 month low of $122.33 and a 12 month high of $251.88. The stock has a market cap of $883.14 billion, a PE ratio of 153.20, a PEG ratio of 2.29 and a beta of 1.05. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom's dividend payout ratio is 113.46%.

Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its shares are undervalued.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the 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 in the company, valued at $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 in the last quarter. Company insiders own 2.00% of the company's stock.

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.