Mufg Securities Americas Inc. purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 68,945 shares of the semiconductor manufacturer's stock, valued at approximately $15,984,000. Broadcom accounts for approximately 2.0% of Mufg Securities Americas Inc.'s portfolio, making the stock its 8th biggest holding.
Several other institutional investors have also modified their holdings of AVGO. Norges Bank bought a new stake in Broadcom in the 4th quarter valued at about $16,893,010,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. GQG Partners LLC raised its holdings in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the period. Finally, Franklin Resources Inc. grew its holdings in Broadcom by 27.4% in the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock worth $6,236,011,000 after buying an additional 5,783,988 shares in the last quarter. Institutional investors own 76.43% of the company's stock.
Broadcom Trading Up 4.9%
NASDAQ:AVGO opened at $232.42 on Wednesday. The stock has a fifty day simple moving average of $184.61 and a 200 day simple moving average of $198.26. The firm has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 189.58, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. 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 announced that its Board of Directors has approved a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.
Broadcom Announces Dividend
The company 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. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is 113.46%.
Insider Transactions at Broadcom
In other news, 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 value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom 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 transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock valued at $131,065,542 over the last ninety days. Corporate insiders own 2.00% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have weighed in on the company. Morgan Stanley lifted their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. KeyCorp increased their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Truist Financial boosted their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $229.48.
Check Out Our Latest Research Report on AVGO
Broadcom Company Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).
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