Madison Investment Advisors LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Madison Investment Advisors LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 2,485 shares of the semiconductor manufacturer's stock, valued at approximately $576,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swedbank AB increased its holdings in Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after buying an additional 16,453,718 shares during the period. Howard Capital Management Group LLC increased its holdings in Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock valued at $524,000 after purchasing an additional 2,908 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of 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 purchasing an additional 6,540,800 shares in the last quarter. Quest Partners LLC lifted its position in shares of Broadcom by 3,295.8% during the 3rd quarter. Quest Partners LLC now owns 815 shares of the semiconductor manufacturer's stock worth $141,000 after purchasing an additional 791 shares during the last quarter. Finally, Parnassus Investments LLC increased its holdings in Broadcom by 936.9% in the third quarter. Parnassus Investments LLC now owns 5,643,269 shares of the semiconductor manufacturer's stock valued at $973,464,000 after buying an additional 5,098,999 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

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Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Citigroup lifted their price target on shares of Broadcom from $175.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. Truist Financial upped their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. JPMorgan Chase & Co. boosted their target price on Broadcom from $210.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, December 13th. Bank of America increased their price target on Broadcom from $215.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Finally, Morgan Stanley boosted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $231.48.

Broadcom Trading Down 4.8 %

NASDAQ AVGO traded down $8.99 during mid-day trading on Wednesday, reaching $179.27. 30,526,309 shares of the stock were exchanged, compared to its average volume of 28,950,461. The stock has a market capitalization of $842.92 billion, a PE ratio of 146.22, a PEG ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The business's fifty day simple moving average is $212.97 and its 200 day simple moving average is $196.00.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is 113.46%.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now directly owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Check Kian Low sold 48,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now directly owns 113,050 shares in the company, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 92,000 shares of company stock valued at $21,494,560 over the last quarter. Company 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.