Shell Asset Management Co. Buys 11,124 Shares of Broadcom Inc. (NASDAQ:AVGO)

Shell Asset Management Co. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 170,898 shares of the semiconductor manufacturer's stock after purchasing an additional 11,124 shares during the quarter. Broadcom comprises 1.7% of Shell Asset Management Co.'s holdings, making the stock its 8th largest holding. Shell Asset Management Co.'s holdings in Broadcom were worth $39,621,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. KFA Private Wealth Group LLC boosted its holdings in shares of Broadcom by 2.5% in the 4th quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer's stock worth $407,000 after buying an additional 42 shares during the last quarter. Dakota Community Bank & Trust NA grew its holdings in Broadcom by 2.7% during the 4th quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer's stock valued at $391,000 after buying an additional 45 shares in the last quarter. Bryant Woods Investment Advisors LLC increased its holdings in Broadcom by 3.5% during the 4th quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer's stock worth $305,000 after acquiring an additional 45 shares during the period. Marest Capital LLC raised its position in shares of Broadcom by 1.0% in the fourth quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer's stock worth $1,052,000 after buying an additional 46 shares in the last quarter. Finally, Defined Wealth Management LLC boosted its position in shares of Broadcom by 0.4% during the 4th quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer's stock valued at $2,947,000 after acquiring an additional 47 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on 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 completion of the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last 90 days. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Barclays cut their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Mizuho cut their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. Truist Financial upped their price objective on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Price Performance

NASDAQ AVGO traded up $0.20 during trading hours on Tuesday, reaching $230.83. The company's stock had a trading volume of 5,479,916 shares, compared to its average volume of 29,666,916. The firm has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 188.38, a P/E/G ratio of 2.29 and a beta of 1.04. The company's 50-day moving average is $187.81 and its two-hundred day moving average is $200.05. 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 Inc. has a 1-year low of $128.50 and a 1-year high of $251.88.

Broadcom declared that its board has approved a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

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.