Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,695,694 shares of the semiconductor manufacturer's stock after buying an additional 183,474 shares during the period. Mackenzie Financial Corp owned 0.06% of Broadcom worth $624,970,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the 4th quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the fourth quarter worth approximately $28,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $32,000. Finally, Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $33,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Bank of America reduced their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Citigroup reduced their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. Finally, Mizuho dropped their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76% 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 in the last ninety days. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO traded up $6.93 on Tuesday, hitting $235.65. 17,873,894 shares of the company's stock were exchanged, compared to its average volume of 31,055,071. The firm has a market cap of $1.11 trillion, a price-to-earnings ratio of 192.21, a P/E/G ratio of 2.29 and a beta of 1.04. The firm's 50-day moving average price is $191.49 and its two-hundred day moving average price is $201.86. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.00%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Broadcom declared that its board has approved a stock repurchase 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 shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Broadcom 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.