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

Ascent Group LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,174 shares of the semiconductor manufacturer's stock after buying an additional 2,540 shares during the quarter. Broadcom accounts for about 0.9% of Ascent Group LLC's investment portfolio, making the stock its 18th biggest position. Ascent Group LLC's holdings in Broadcom were worth $11,864,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Canton Hathaway LLC purchased a new stake in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom in the fourth quarter valued at about $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Broadcom Trading Up 1.6%

NASDAQ AVGO traded up $3.78 on Wednesday, reaching $239.43. 20,141,551 shares of the company were exchanged, compared to its average volume of 31,012,200. The business's fifty day moving average price is $192.39 and its 200 day moving average price is $202.10. The stock has a market capitalization of $1.13 trillion, a P/E ratio of 195.30, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88.

Broadcom announced that its Board of Directors has approved a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 0.99%. Broadcom's payout ratio is 113.46%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AVGO shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Citigroup decreased their price objective 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. Mizuho boosted their target price on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued 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-six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $234.15.

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.