Paralel Advisors LLC Buys 1,720 Shares of Broadcom Inc. (NASDAQ:AVGO)

Paralel Advisors LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 18,940 shares of the semiconductor manufacturer's stock after buying an additional 1,720 shares during the quarter. Broadcom makes up 0.2% of Paralel Advisors LLC's portfolio, making the stock its 24th biggest position. Paralel Advisors LLC's holdings in Broadcom were worth $4,391,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other news, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

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Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Rosenblatt Securities restated a "buy" rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Benchmark reissued a "buy" rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, Truist Financial lifted their price target on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research 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 company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $231.68.

Broadcom Stock Down 2.9 %

Shares of AVGO traded down $5.36 during mid-day trading on Monday, hitting $176.58. 14,146,563 shares of the company's stock were exchanged, compared to its average volume of 31,299,473. The stock has a market cap of $830.27 billion, a price-to-earnings ratio of 144.03, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The firm has a fifty day moving average of $195.52 and a two-hundred day moving average of $196.11. 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 announced that its Board of Directors has initiated a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given 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 1.34%. Broadcom's dividend payout ratio is currently 113.46%.

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.