Zacks Investment Management Has $132.54 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Zacks Investment Management lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 42.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 571,678 shares of the semiconductor manufacturer’s stock after selling 418,150 shares during the quarter. Broadcom accounts for about 1.2% of Zacks Investment Management’s investment portfolio, making the stock its 17th biggest holding. Zacks Investment Management’s holdings in Broadcom were worth $132,538,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AVGO. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter worth $32,000. Bellevue Asset Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom in the fourth quarter valued at about $35,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 718,976 shares of company stock valued at $130,917,542 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on AVGO shares. Mizuho decreased their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Benchmark reaffirmed a “buy” rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Truist Financial increased their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report 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’s stock. According to MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $231.68.

Broadcom Stock Up 0.3 %

Shares of Broadcom stock opened at $178.95 on Wednesday. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The firm’s 50 day moving average price is $193.40 and its 200-day moving average price is $196.03. 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 company has a market cap of $841.41 billion, a P/E ratio of 145.96, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.32%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is 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.