Everest Management Corp. acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 8,000 shares of the semiconductor manufacturer's stock, valued at approximately $1,855,000. Broadcom makes up about 1.6% of Everest Management Corp.'s holdings, making the stock its 16th biggest position.
Other large investors have also recently made changes to their positions in the company. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the fourth quarter worth about $26,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter worth approximately $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $33,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $35,000. 76.43% of the stock is owned by institutional investors.
Broadcom Price Performance
Shares of AVGO traded down $3.62 during trading hours on Friday, hitting $170.99. 22,452,143 shares of the company were exchanged, compared to its average volume of 31,367,663. 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 Inc. has a one year low of $119.76 and a one year high of $251.88. The company has a market capitalization of $803.99 billion, a PE ratio of 139.47, a PEG ratio of 2.29 and a beta of 1.05. The firm has a fifty day simple moving average of $191.12 and a 200-day simple moving average of $195.87.
Broadcom declared that its Board of Directors has approved a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are often an indication 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. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.38%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is 113.46%.
Insider Buying and Selling at Broadcom
In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom 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 completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction 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 in the last three months. 2.00% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. Bank of America reduced their target price on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Citigroup reduced their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, Benchmark reiterated a "buy" rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $231.28.
View Our Latest Analysis on AVGO
About Broadcom
(
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.
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