Raiffeisen Bank International AG Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Raiffeisen Bank International AG bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 666,702 shares of the semiconductor manufacturer's stock, valued at approximately $157,060,000. Broadcom comprises about 2.4% of Raiffeisen Bank International AG's investment portfolio, making the stock its 5th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Ratan Capital Management LP grew its holdings in shares of Broadcom by 20.6% in the fourth quarter. Ratan Capital Management LP now owns 79,610 shares of the semiconductor manufacturer's stock worth $18,457,000 after purchasing an additional 13,605 shares during the last quarter. Redwood Financial Network Corp bought a new stake in Broadcom in the fourth quarter valued at $432,000. Redwood Investment Management LLC raised its holdings in Broadcom by 52.1% in the 4th quarter. Redwood Investment Management LLC now owns 5,700 shares of the semiconductor manufacturer's stock worth $1,322,000 after purchasing an additional 1,952 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Broadcom during the 4th quarter valued at about $10,280,000. Finally, Point72 Asset Management L.P. increased its position in shares of Broadcom by 133.1% during the fourth quarter. Point72 Asset Management L.P. now owns 636,648 shares of the semiconductor manufacturer's stock valued at $147,600,000 after buying an additional 363,544 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

NASDAQ:AVGO opened at $232.12 on Thursday. The stock has a 50-day moving average price of $185.35 and a 200 day moving average price of $198.49. The stock has a market capitalization of $1.09 trillion, a P/E ratio of 189.33, 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.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

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

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research reports. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Citigroup decreased their target price on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Benchmark reissued a "buy" rating and set a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, Mizuho dropped their target price on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a 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 issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $229.48.

Insider Activity

In other Broadcom news, Director Justine Page sold 800 shares of the business's 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 sale, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock worth $131,065,542 over the last quarter. 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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