Gamco Investors INC. ET AL Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Gamco Investors INC. ET AL boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 495.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 53,706 shares of the semiconductor manufacturer's stock after acquiring an additional 44,691 shares during the period. Gamco Investors INC. ET AL's holdings in Broadcom were worth $12,451,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in AVGO. Howard Capital Management Group LLC raised its position in shares of Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock valued at $524,000 after buying an additional 2,908 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after acquiring an additional 6,540,800 shares during the last quarter. Invst LLC lifted its stake in Broadcom by 928.6% in the 3rd quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock worth $522,000 after purchasing an additional 2,730 shares in the last quarter. McIlrath & Eck LLC boosted its holdings in shares of Broadcom by 793.3% during the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock valued at $69,000 after purchasing an additional 357 shares during the last quarter. Finally, Passumpsic Savings Bank grew its position in shares of Broadcom by 900.9% during the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock valued at $2,743,000 after purchasing an additional 14,315 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AVGO shares. Barclays raised their price target on Broadcom from $205.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Truist Financial boosted their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. KeyCorp increased their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $231.28.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 completion of the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 719,776 shares of company stock worth $131,065,542. Company insiders own 2.00% of the company's stock.

Broadcom Stock Down 2.1 %

Shares of AVGO traded down $3.62 during mid-day trading on Friday, hitting $170.99. 22,452,143 shares of the company traded hands, compared to its average volume of 31,393,581. The business has a 50 day moving average of $189.84 and a 200 day moving average of $195.90. The company has a market capitalization of $803.99 billion, a PE ratio of 139.47, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.38%. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

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.