2,538 Shares in Broadcom Inc. (NASDAQ:AVGO) Bought by Renaissance Technologies LLC

Renaissance Technologies LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,538 shares of the semiconductor manufacturer's stock, valued at approximately $602,000.

Several other institutional investors have also recently made changes to their positions in AVGO. Canton Hathaway LLC bought a new position in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC bought a new stake in Broadcom in the fourth quarter worth $33,000. Finally, Synergy Investment Management LLC purchased a new stake in Broadcom during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Up 3.2 %

Shares of AVGO stock traded up $6.31 during mid-day trading on Friday, hitting $203.64. The stock had a trading volume of 17,749,359 shares, compared to its average volume of 31,190,347. Broadcom Inc. has a 12-month low of $124.71 and a 12-month high of $251.88. The firm's 50-day moving average is $182.21 and its two-hundred day moving average is $196.48. The firm has a market capitalization of $957.50 billion, a P/E ratio of 166.10, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. 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 initiated a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 yield of 1.16%. Broadcom's dividend payout ratio is currently 113.46%.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent analyst reports. Benchmark reiterated a "buy" rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Bank of America lowered their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Barclays decreased their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, William Blair reissued an "outperform" rating on shares of Broadcom 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Profile

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.