APG Asset Management N.V. Buys 3,762,034 Shares of Broadcom Inc. (NASDAQ:AVGO)

APG Asset Management N.V. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 609.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,379,348 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,762,034 shares during the quarter. Broadcom comprises about 2.7% of APG Asset Management N.V.’s investment portfolio, making the stock its 5th largest holding. APG Asset Management N.V. owned about 0.09% of Broadcom worth $980,500,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Howard Capital Management Group LLC boosted its position in Broadcom by 2,219.8% during the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after acquiring an additional 2,908 shares during the period. Principal Financial Group Inc. lifted its holdings in Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the period. Legacy Investment Solutions LLC bought a new position in Broadcom in the 3rd quarter valued at about $45,000. Dean Investment Associates LLC increased its stake in Broadcom by 814.2% during the 3rd quarter. Dean Investment Associates LLC now owns 3,410 shares of the semiconductor manufacturer’s stock valued at $588,000 after buying an additional 3,037 shares during the period. Finally, First National Bank of Omaha raised its position in shares of Broadcom by 900.0% during the 3rd quarter. First National Bank of Omaha now owns 2,680 shares of the semiconductor manufacturer’s stock worth $462,000 after buying an additional 2,412 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 697,976 shares of company stock valued at $127,336,102 in the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $154.14 on Tuesday. 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 $724.76 billion, a price-to-earnings ratio of 125.73, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a 50 day simple moving average of $200.61 and a 200-day simple moving average of $196.34. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88.

Broadcom announced that its board has initiated a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced 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 was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.53%. Broadcom’s payout ratio is 113.46%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AVGO shares. Jefferies Financial Group increased their price objective on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Bank of America upped their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Benchmark reaffirmed a “buy” rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Evercore ISI upped their price target on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Morgan Stanley lifted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note 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. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom 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.