Texas Bank & Trust Co Takes $1.36 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Texas Bank & Trust Co acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,855 shares of the semiconductor manufacturer's stock, valued at approximately $1,357,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Canton Hathaway LLC purchased a new position in shares of Broadcom during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the fourth quarter valued at about $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the fourth quarter valued at about $33,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Broadcom during the fourth quarter valued at about $35,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Down 1.7%

AVGO opened at $228.61 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 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. The company has a market capitalization of $1.07 trillion, a PE ratio of 186.47, a PEG ratio of 2.29 and a beta of 1.04. The firm's 50 day simple moving average is $187.08 and its two-hundred day simple moving average is $199.41.

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 of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.03%. Broadcom's payout ratio is presently 113.46%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent research reports. Citigroup cut their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Rosenblatt Securities restated a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Barclays cut their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Bank of America cut their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $229.48.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were 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 directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the 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 completion of the sale, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 over the last three months. Corporate insiders own 2.00% of the company's stock.

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.

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