Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,211,147 shares of the semiconductor manufacturer's stock after purchasing an additional 98,646 shares during the period. Broadcom comprises 1.7% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings, making the stock its 10th largest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Broadcom were worth $280,792,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the 4th quarter worth about $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the fourth quarter worth $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $33,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $35,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of 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 hyperlink. Also, Director Henry Samueli sold 663,976 shares of the business's 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 transaction, 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 disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 in the last quarter. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research reports. Benchmark restated a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities restated a "buy" rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Three investment 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $229.48.

Broadcom Stock Performance

Shares of AVGO opened at $231.68 on Wednesday. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. The business has a fifty day moving average of $188.62 and a 200 day moving average of $200.27. 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 firm has a market capitalization of $1.09 trillion, a P/E ratio of 188.97, a PEG ratio of 2.29 and a beta of 1.04.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

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

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.