Canada Pension Plan Investment Board Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Canada Pension Plan Investment Board raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 45.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 5,825,454 shares of the semiconductor manufacturer's stock after purchasing an additional 1,827,457 shares during the quarter. Broadcom makes up approximately 1.3% of Canada Pension Plan Investment Board's investment portfolio, making the stock its 14th largest holding. Canada Pension Plan Investment Board owned approximately 0.12% of Broadcom worth $1,350,573,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter worth $26,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter valued at $32,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom during the 4th quarter worth $33,000. Finally, Synergy Investment Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $35,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Down 4.5 %

NASDAQ:AVGO traded down $7.63 during trading hours on Monday, reaching $163.36. The company's stock had a trading volume of 6,813,788 shares, compared to its average volume of 32,351,650. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a 50 day moving average price of $189.84 and a two-hundred day moving average price of $196.24. Broadcom Inc. has a 12 month low of $120.05 and a 12 month high of $251.88. The company has a market capitalization of $768.11 billion, a P/E ratio of 133.25, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom declared that its board has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.44%. Broadcom's dividend payout ratio is presently 113.46%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 30,000 shares of the firm's 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 trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the company'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 in the company, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AVGO shares. Mizuho reduced their target price on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and an average target price of $231.28.

Broadcom Company 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.