Ameriflex Group Inc. Buys Shares of 16,388 Broadcom Inc. (NASDAQ:AVGO)

Ameriflex Group Inc. bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 16,388 shares of the semiconductor manufacturer's stock, valued at approximately $3,626,000. Broadcom makes up 1.7% of Ameriflex Group Inc.'s investment portfolio, making the stock its 8th largest position.

A number of other large investors also recently modified their holdings of the stock. Canton Hathaway LLC bought a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the fourth quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $1.77 during mid-day trading on Thursday, reaching $241.20. 12,034,954 shares of the company were exchanged, compared to its average volume of 28,933,789. The company's 50-day simple moving average is $193.34 and its 200-day simple moving average is $202.36. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.13 trillion, a P/E ratio of 196.74, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88.

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

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is 113.46%.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now directly owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVGO. KeyCorp raised their target price 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. Citigroup decreased their target price on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Barclays decreased their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday. They issued a "buy" rating and a $301.00 target price for the company. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $234.15.

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.