Price T Rowe Associates Inc. MD Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Price T Rowe Associates Inc. MD raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 46.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,524,533 shares of the semiconductor manufacturer's stock after buying an additional 15,171,849 shares during the period. Broadcom comprises about 1.3% of Price T Rowe Associates Inc. MD's holdings, making the stock its 11th largest position. Price T Rowe Associates Inc. MD owned approximately 1.01% of Broadcom worth $11,018,089,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Central Pacific Bank Trust Division grew its stake in shares of Broadcom by 21.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock worth $4,858,000 after acquiring an additional 3,707 shares during the period. Wolff Financial Management LLC purchased a new position in Broadcom in the 4th quarter valued at approximately $244,000. Motive Wealth Advisors raised its holdings in Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock valued at $1,066,000 after acquiring an additional 4,209 shares during the period. Tidal Investments LLC boosted its holdings in shares of Broadcom by 969.3% in the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer's stock worth $66,696,000 after acquiring an additional 350,485 shares during the period. Finally, Franchise Capital Ltd purchased a new position in shares of Broadcom in the fourth quarter valued at $2,017,000. Institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction 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 completion of the transaction, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The stock was 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. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 719,776 shares of company stock worth $131,065,542. Company insiders own 2.00% of the company's stock.

Broadcom Trading Up 2.2 %

Broadcom stock traded up $4.16 during mid-day trading on Friday, reaching $192.31. 21,216,875 shares of the company traded hands, compared to its average volume of 31,280,726. The firm's 50 day moving average price is $185.09 and its 200 day moving average price is $195.94. Broadcom Inc. has a 52-week low of $122.33 and a 52-week high of $251.88. 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 firm has a market capitalization of $904.23 billion, a price-to-earnings ratio of 156.86, a P/E/G ratio of 2.29 and a beta of 1.05.

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management 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. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.23%. Broadcom's payout ratio is 113.46%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on AVGO shares. Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Citigroup reduced their target price on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Mizuho dropped their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Finally, Bank of America cut their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Three investment 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.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

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.