United Bank Takes $307,000 Position in Broadcom Inc. (NASDAQ:AVGO)

United Bank bought a new position in Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,325 shares of the semiconductor manufacturer’s stock, valued at approximately $307,000.

A number of other hedge funds have also modified their holdings of the stock. Howard Capital Management Group LLC lifted its holdings in shares of Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after purchasing an additional 2,908 shares in the last quarter. Principal Financial Group Inc. raised its position in 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 valued at $1,238,966,000 after buying an additional 6,540,800 shares during the period. Rockefeller Capital Management L.P. lifted its stake in Broadcom by 858.9% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,599,462 shares of the semiconductor manufacturer’s stock worth $456,095,000 after acquiring an additional 2,328,367 shares in the last quarter. Atlantic Union Bankshares Corp boosted its position in Broadcom by 896.8% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 160,706 shares of the semiconductor manufacturer’s stock worth $27,722,000 after acquiring an additional 144,584 shares during the period. Finally, Captrust Financial Advisors grew its stake in Broadcom by 903.0% during the 3rd quarter. Captrust Financial Advisors now owns 1,025,690 shares of the semiconductor manufacturer’s stock valued at $176,932,000 after acquiring an additional 923,426 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Benchmark reiterated a “buy” rating and issued a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Bank of America lifted their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Mizuho dropped their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Stock Down 1.7 %

NASDAQ AVGO opened at $169.12 on Friday. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The stock has a market cap of $795.19 billion, a PE ratio of 137.95, a PEG ratio of 2.29 and a beta of 1.01. The firm has a 50-day simple moving average of $209.48 and a 200 day simple moving average of $196.25. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.40%. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on 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 completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 785,976 shares of company stock valued at $147,912,102. 2.00% of the stock is owned by corporate insiders.

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.