MetLife Investment Management LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,434,573 shares of the semiconductor manufacturer's stock after acquiring an additional 18,925 shares during the period. Broadcom comprises 1.8% of MetLife Investment Management LLC's holdings, making the stock its 8th largest holding. MetLife Investment Management LLC's holdings in Broadcom were worth $332,591,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in AVGO. Howard Capital Management Group LLC grew its position in Broadcom by 2,219.8% during the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock worth $524,000 after acquiring an additional 2,908 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Broadcom by 1,019.4% during the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Invst LLC grew its holdings in shares of Broadcom by 928.6% during the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock worth $522,000 after purchasing an additional 2,730 shares during the last quarter. McIlrath & Eck LLC increased its stake in shares of Broadcom by 793.3% in the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock valued at $69,000 after buying an additional 357 shares during the period. Finally, Passumpsic Savings Bank raised its holdings in Broadcom by 900.9% in the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock valued at $2,743,000 after buying an additional 14,315 shares during the last quarter. 76.43% of the stock is owned by institutional investors.
Insider Activity at Broadcom
In other Broadcom news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06 % 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 that occurred 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 sale, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by insiders.
Broadcom Stock Up 5.8 %
Shares of NASDAQ:AVGO traded up $9.92 during midday trading on Wednesday, hitting $179.50. 13,278,152 shares of the company's stock were exchanged, compared to its average volume of 31,211,728. Broadcom Inc. has a 12 month low of $122.33 and a 12 month high of $251.88. The company has a market cap of $844.00 billion, a PE ratio of 146.41, 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. The stock has a 50 day moving average price of $187.11 and a 200-day moving average price of $195.98.
Broadcom announced that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.
Broadcom Dividend Announcement
The business also recently announced 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 dividend yield of 1.31%. Broadcom's payout ratio is 113.46%.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the stock. Bank of America decreased their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Citigroup decreased their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday, April 11th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Benchmark reissued a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Truist Financial lifted their price objective on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $229.48.
View Our Latest Research Report 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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