Ascent Group LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Ascent Group LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,174 shares of the semiconductor manufacturer's stock after purchasing an additional 2,540 shares during the period. Broadcom comprises about 0.9% of Ascent Group LLC's portfolio, making the stock its 18th largest holding. Ascent Group LLC's holdings in Broadcom were worth $11,864,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. PVG Asset Management Corp bought a new position in Broadcom in the 4th quarter worth approximately $540,000. Value Partners Investments Inc. boosted its position in shares of Broadcom by 3.0% in the 4th quarter. Value Partners Investments Inc. now owns 12,021 shares of the semiconductor manufacturer's stock valued at $2,785,000 after purchasing an additional 347 shares during the period. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the 4th quarter worth approximately $30,000. Mackenzie Financial Corp boosted its position in shares of Broadcom by 7.3% in the fourth quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer's stock worth $624,970,000 after buying an additional 183,474 shares during the period. Finally, Forum Financial Management LP boosted its holdings in shares of Broadcom by 9.6% during the fourth quarter. Forum Financial Management LP now owns 33,173 shares of the semiconductor manufacturer's stock worth $7,691,000 after purchasing an additional 2,917 shares during the period. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $1.92 during midday trading on Thursday, hitting $241.35. 11,814,843 shares of the company's stock were exchanged, compared to its average volume of 30,970,940. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a market cap of $1.13 trillion, a price-to-earnings ratio of 197.20, a PEG ratio of 2.29 and a beta of 1.04. The business's fifty day moving average price is $193.34 and its two-hundred day moving average price is $202.36.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.98%. Broadcom's dividend payout ratio is presently 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 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 typically an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AVGO shares. Mizuho boosted their target price on Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a report on Wednesday. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday. They set a "buy" rating and a $301.00 price objective for the company. Finally, Morgan Stanley increased their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $234.15.

Insider Buying and Selling

In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred 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 approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the 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 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 ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company's stock.

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.