Scotia Capital Inc. increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 495,701 shares of the semiconductor manufacturer's stock after buying an additional 13,922 shares during the quarter. Scotia Capital Inc.'s holdings in Broadcom were worth $114,927,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Canton Hathaway LLC bought 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 in the 4th quarter worth approximately $26,000. Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC bought a new position in Broadcom in the 4th quarter valued at $33,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $35,000. Institutional investors and hedge funds own 76.43% of the company's stock.
Insider Buying and Selling 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 owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated 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 directly 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. Company insiders own 2.00% of the company's stock.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the company. Morgan Stanley lifted 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. Mizuho reduced their target price on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. Citigroup lowered their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday. KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Finally, Barclays increased their price objective on Broadcom from $205.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $231.68.
Check Out Our Latest Analysis on Broadcom
Broadcom Stock Down 2.5 %
AVGO stock traded down $4.51 during trading hours on Monday, reaching $177.43. 12,323,518 shares of the stock were exchanged, compared to its average volume of 31,292,016. The firm's 50-day moving average is $195.52 and its 200-day moving average is $196.11. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The company has a market cap of $834.27 billion, a price-to-earnings ratio of 144.72, a PEG 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.
Broadcom declared that its board has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's leadership believes its shares are undervalued.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is presently 113.46%.
Broadcom Profile
(
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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