Annex Advisory Services LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Annex Advisory Services LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 322.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 163,248 shares of the semiconductor manufacturer's stock after purchasing an additional 124,583 shares during the period. Annex Advisory Services LLC's holdings in Broadcom were worth $27,333,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Norges Bank purchased a new stake in Broadcom in the fourth quarter worth $16,893,010,000. GAMMA Investing LLC increased its stake in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. GQG Partners LLC increased its stake in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated 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 completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Oppenheimer raised their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Mizuho raised their price target on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Barclays cut their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $246.00.

Broadcom Stock Down 0.4%

NASDAQ AVGO traded down $1.15 during trading on Thursday, hitting $259.93. The company's stock had a trading volume of 41,745,758 shares, compared to its average volume of 30,914,786. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market cap of $1.22 trillion, a PE ratio of 212.02, a P/E/G ratio of 2.29 and a beta of 1.11. The business's 50 day simple moving average is $200.31 and its 200-day simple moving average is $205.00. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43.

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

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.91%. Broadcom's dividend payout ratio is presently 113.46%.

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.