Barr E S & Co. Acquires 166 Shares of Broadcom Inc. (NASDAQ:AVGO)

Barr E S & Co. raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,836 shares of the semiconductor manufacturer’s stock after purchasing an additional 166 shares during the period. Barr E S & Co.’s holdings in Broadcom were worth $1,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of AVGO. Canton Hathaway LLC purchased a new stake in Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at $26,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth about $33,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth about $35,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AVGO shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Barclays raised their price target on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Finally, William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.68.

Broadcom Price Performance

Shares of AVGO stock opened at $181.94 on Friday. The company has a market cap of $855.47 billion, a P/E ratio of 148.40, 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. The stock’s 50-day moving average is $195.52 and its 200 day moving average is $195.99. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is currently 113.46%.

Broadcom declared that its board has initiated a stock buyback plan 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 stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

About Broadcom

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.