Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Mechanics Bank Trust Department

Mechanics Bank Trust Department lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,397 shares of the semiconductor manufacturer's stock after buying an additional 3,714 shares during the period. Mechanics Bank Trust Department's holdings in Broadcom were worth $3,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wallace Advisory Group LLC raised its position in Broadcom by 27.7% in the first quarter. Wallace Advisory Group LLC now owns 2,337 shares of the semiconductor manufacturer's stock valued at $391,000 after purchasing an additional 507 shares during the period. Sanders Morris Harris LLC raised its position in Broadcom by 124.7% in the first quarter. Sanders Morris Harris LLC now owns 46,850 shares of the semiconductor manufacturer's stock valued at $7,895,000 after purchasing an additional 26,000 shares during the period. Aletheian Wealth Advisors LLC raised its position in Broadcom by 14.7% in the first quarter. Aletheian Wealth Advisors LLC now owns 5,438 shares of the semiconductor manufacturer's stock valued at $910,000 after purchasing an additional 695 shares during the period. Bowman & Co S.C. raised its position in Broadcom by 4.8% in the first quarter. Bowman & Co S.C. now owns 28,624 shares of the semiconductor manufacturer's stock valued at $4,793,000 after purchasing an additional 1,309 shares during the period. Finally, Fifth Third Wealth Advisors LLC raised its position in Broadcom by 15.8% in the first quarter. Fifth Third Wealth Advisors LLC now owns 111,475 shares of the semiconductor manufacturer's stock valued at $18,664,000 after purchasing an additional 15,178 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

NASDAQ:AVGO traded up $6.64 during mid-day trading on Monday, reaching $248.71. 19,139,888 shares of the stock were exchanged, compared to its average volume of 30,826,463. The company has a 50 day simple moving average of $195.38 and a 200-day simple moving average of $203.66. The stock has a market capitalization of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.04. 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 $251.88.

Broadcom announced that its board has approved a stock repurchase 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 repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. Mizuho boosted their price target on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. Benchmark restated a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Oppenheimer boosted their price target on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Citigroup lowered their target price on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price 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.