NorthRock Partners LLC Has $11.37 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

NorthRock Partners LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 121.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 49,024 shares of the semiconductor manufacturer's stock after acquiring an additional 26,926 shares during the period. NorthRock Partners LLC's holdings in Broadcom were worth $11,366,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of AVGO. Canton Hathaway LLC acquired a new position in Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the fourth quarter worth $26,000. Sellwood Investment Partners LLC acquired a new position in Broadcom in the fourth quarter worth $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom in the fourth quarter worth $33,000. Finally, Synergy Investment Management LLC acquired a new position in Broadcom in the fourth quarter worth $35,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred 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 directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Down 1.7%

Shares of Broadcom stock traded down $4.03 during trading hours on Friday, hitting $228.61. The company's stock had a trading volume of 22,996,350 shares, compared to its average volume of 31,203,212. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The stock has a 50 day moving average of $186.31 and a 200 day moving average of $198.91. The company has a market capitalization of $1.07 trillion, a PE ratio of 186.47, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. 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 declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. Broadcom's payout ratio is presently 113.46%.

Analyst Ratings Changes

A number of equities analysts have commented on the company. KeyCorp boosted their price objective on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Bank of America reduced their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Truist Financial upped their price target on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Citigroup cut their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Three 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. According to data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $229.48.

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.