Broadcom Inc. (NASDAQ:AVGO) Stake Raised by BTC Capital Management Inc.

BTC Capital Management Inc. lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 128,227 shares of the semiconductor manufacturer's stock after purchasing an additional 12,121 shares during the quarter. Broadcom comprises about 2.0% of BTC Capital Management Inc.'s investment portfolio, making the stock its 11th biggest position. BTC Capital Management Inc.'s holdings in Broadcom were worth $21,452,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom in the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 1.0%

Shares of AVGO stock traded down $2.47 during trading hours on Friday, hitting $239.50. 27,045,094 shares of the company were exchanged, compared to its average volume of 30,873,614. 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 one year low of $128.50 and a one year high of $251.88. The business's 50-day simple moving average is $195.38 and its two-hundred day simple moving average is $203.43. The stock has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 195.35, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom declared that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

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

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AVGO. Barclays decreased their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Citigroup dropped their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday. They set a "buy" rating and a $301.00 target price on the stock. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, Bank of America dropped their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $238.77.

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.