Synovus Financial Corp Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Synovus Financial Corp raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 225,195 shares of the semiconductor manufacturer’s stock after buying an additional 1,468 shares during the quarter. Broadcom makes up approximately 0.7% of Synovus Financial Corp’s holdings, making the stock its 23rd largest holding. Synovus Financial Corp’s holdings in Broadcom were worth $52,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Canton Hathaway LLC purchased a new stake in Broadcom during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the fourth quarter valued at approximately $26,000. Sellwood Investment Partners LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC purchased a new stake in Broadcom during the fourth quarter worth approximately $33,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock 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 business has a 50 day moving average of $195.52 and a two-hundred day moving average of $195.99. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom announced that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

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

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Citigroup decreased their price target on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday. KeyCorp increased their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Truist Financial upped their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $231.68.

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.