Czech National Bank Purchases 63,995 Shares of Broadcom Inc. (NASDAQ:AVGO)

Czech National Bank boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,076,614 shares of the semiconductor manufacturer's stock after purchasing an additional 63,995 shares during the period. Broadcom accounts for about 1.7% of Czech National Bank's investment portfolio, making the stock its 8th biggest holding. Czech National Bank's holdings in Broadcom were worth $180,257,000 as of its most recent filing with the SEC.

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

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $8.14 during trading on Tuesday, hitting $256.85. 30,280,176 shares of the company were exchanged, compared to its average volume of 30,824,780. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $257.81. The company has a market capitalization of $1.21 trillion, a P/E ratio of 209.50, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The business's 50 day moving average is $196.77 and its 200-day moving average is $204.25.

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

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom 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 transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated 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. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 over the last quarter. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AVGO shares. Barclays cut their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, Benchmark reiterated a "buy" rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $241.31.

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.