Moody National Bank Trust Division Purchases 1,333 Shares of Broadcom Inc. (NASDAQ:AVGO)

Moody National Bank Trust Division increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,320 shares of the semiconductor manufacturer's stock after buying an additional 1,333 shares during the quarter. Broadcom accounts for 1.1% of Moody National Bank Trust Division's portfolio, making the stock its 17th largest position. Moody National Bank Trust Division's holdings in Broadcom were worth $10,099,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research reports. Citigroup cut their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday. They issued a "buy" rating and a $301.00 price target on the stock. Benchmark reissued a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Oppenheimer boosted their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and an average price target of $238.77.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on 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 approximately $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

AVGO stock traded down $2.47 on Friday, hitting $239.50. The company had a trading volume of 27,045,094 shares, compared to its average volume of 31,042,717. The stock has a market cap 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 Inc. has a 12-month low of $128.50 and a 12-month high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock's 50-day simple moving average is $195.38 and its 200 day simple moving average is $203.23.

Broadcom Dividend Announcement

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

Broadcom declared that its Board of Directors has authorized a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

About Broadcom

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.