Zurich Insurance Group Ltd FI Buys 46,922 Shares of Broadcom Inc. (NASDAQ:AVGO)

Zurich Insurance Group Ltd FI boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,280,164 shares of the semiconductor manufacturer's stock after purchasing an additional 46,922 shares during the quarter. Broadcom comprises about 2.4% of Zurich Insurance Group Ltd FI's holdings, making the stock its 7th largest position. Zurich Insurance Group Ltd FI's holdings in Broadcom were worth $296,793,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Victrix Investment Advisors acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $524,000. Sphera Management Technology Funds Ltd purchased a new stake in Broadcom in the 4th quarter worth approximately $4,637,000. Vista Cima Wealth Management LLC acquired a new position in Broadcom in the 4th quarter valued at $2,167,000. Vivaldi Capital Management LP lifted its stake in shares of Broadcom by 25.7% during the 4th quarter. Vivaldi Capital Management LP now owns 4,592 shares of the semiconductor manufacturer's stock worth $1,065,000 after purchasing an additional 939 shares during the period. Finally, Waters Parkerson & CO. LLC boosted its holdings in shares of Broadcom by 11.4% during the fourth quarter. Waters Parkerson & CO. LLC now owns 3,231 shares of the semiconductor manufacturer's stock worth $749,000 after purchasing an additional 331 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.3%

Shares of NASDAQ AVGO traded up $0.80 during midday trading on Thursday, reaching $230.53. 14,308,681 shares of the company's stock were exchanged, compared to its average volume of 31,072,695. 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 52-week low of $128.50 and a 52-week high of $251.88. The business's fifty day moving average price is $189.30 and its two-hundred day moving average price is $200.47. The stock has a market capitalization of $1.08 trillion, a PE ratio of 188.04, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom announced that its board has authorized a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is 113.46%.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Truist Financial upped their target price on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Barclays lowered their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Morgan Stanley increased their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Finally, Benchmark reissued a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

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.