Ameriflex Group Inc. Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Ameriflex Group Inc. purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 16,388 shares of the semiconductor manufacturer's stock, valued at approximately $3,626,000. Broadcom accounts for approximately 1.7% of Ameriflex Group Inc.'s investment portfolio, making the stock its 8th biggest position.

Several other institutional investors have also added to or reduced their stakes in the company. United Advisor Group LLC boosted its stake in Broadcom by 28.9% in the 4th quarter. United Advisor Group LLC now owns 6,172 shares of the semiconductor manufacturer's stock valued at $1,431,000 after purchasing an additional 1,382 shares during the period. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at $1,846,000. Challenger Wealth Management bought a new stake in shares of Broadcom during the 4th quarter valued at $802,000. Ascent Group LLC lifted its position in shares of Broadcom by 5.2% during the 4th quarter. Ascent Group LLC now owns 51,174 shares of the semiconductor manufacturer's stock valued at $11,864,000 after acquiring an additional 2,540 shares during the period. Finally, PVG Asset Management Corp bought a new stake in shares of Broadcom during the 4th quarter valued at $540,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley upped their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Barclays lowered their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Benchmark reissued a "buy" rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. 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, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Stock Up 3.0%

Broadcom stock traded up $6.93 during mid-day trading on Tuesday, reaching $235.65. The stock had a trading volume of 17,906,364 shares, compared to its average volume of 31,055,312. The firm has a market capitalization of $1.11 trillion, a PE ratio of 192.21, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. 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 Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. The stock's 50-day simple moving average is $191.49 and its 200-day simple moving average is $201.86.

Broadcom Dividend Announcement

The business also recently announced 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. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.00%. Broadcom's payout ratio is 113.46%.

Broadcom announced that its Board of Directors has initiated a stock buyback 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, 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 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 over the last 90 days. Insiders own 2.00% of the company's stock.

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.