Broadcom Inc. (NASDAQ:AVGO) Stock Position Lifted by Investment Management Corp of Ontario

Investment Management Corp of Ontario lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 121.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 367,450 shares of the semiconductor manufacturer's stock after purchasing an additional 201,838 shares during the period. Broadcom comprises approximately 2.8% of Investment Management Corp of Ontario's investment portfolio, making the stock its 9th largest holding. Investment Management Corp of Ontario's holdings in Broadcom were worth $85,190,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. KFA Private Wealth Group LLC lifted its stake in Broadcom by 2.5% in the fourth quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer's stock valued at $407,000 after purchasing an additional 42 shares during the last quarter. Dakota Community Bank & Trust NA lifted its position in shares of 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 during the last quarter. Bryant Woods Investment Advisors LLC grew its stake in shares of 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 increased its holdings in Broadcom by 1.0% in the 4th quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer's stock worth $1,052,000 after acquiring an additional 46 shares during the last quarter. Finally, Defined Wealth Management LLC raised its stake in Broadcom by 0.4% in 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 period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.2 %

AVGO stock opened at $208.26 on Friday. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. The company has a market capitalization of $979.23 billion, a PE ratio of 169.87, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company's 50 day moving average price is $182.95 and its two-hundred day moving average price is $197.50. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 annualized dividend and a yield of 1.13%. Broadcom's payout ratio is 113.46%.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on AVGO shares. Barclays reduced their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Bank of America reduced their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Morgan Stanley boosted their price objective on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Three equities research 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's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $229.48.

Insider Activity

In related news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction 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. The trade was a 1.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. The trade was a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently 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.

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