Okabena Investment Services Inc. Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Okabena Investment Services Inc. acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 864 shares of the semiconductor manufacturer’s stock, valued at approximately $200,000.

Other institutional investors also recently bought and sold shares of the company. Allianz SE acquired a new position in Broadcom in the fourth quarter valued at approximately $41,945,000. Cambridge Financial Group Inc. purchased a new stake in Broadcom in the fourth quarter valued at $13,414,000. WealthTrak Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $384,000. Hobbs Group Advisors LLC grew its holdings in shares of Broadcom by 35.0% during the 4th quarter. Hobbs Group Advisors LLC now owns 906 shares of the semiconductor manufacturer’s stock worth $210,000 after purchasing an additional 235 shares during the period. Finally, Allstate Corp increased its position in shares of Broadcom by 3,333.3% during the 4th quarter. Allstate Corp now owns 131,667 shares of the semiconductor manufacturer’s stock worth $30,526,000 after purchasing an additional 127,832 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent analyst reports. Evercore ISI upped their target price on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Mizuho lowered their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Benchmark reissued a “buy” rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, Barclays lifted their target price on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Insider Buying and Selling at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares in the company, valued at $26,606,317.50. The trade was a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 40,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now owns 696,730 shares of the company’s stock, valued at $161,627,425.40. This trade represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 785,976 shares of company stock valued at $147,912,102. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $169.12 on Friday. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The business’s 50-day moving average price is $209.48 and its 200 day moving average price is $195.91. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $795.19 billion, a P/E ratio of 137.95, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 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.