Integrated Wealth Concepts LLC Buys 18,475 Shares of Broadcom Inc. (NASDAQ:AVGO)

Integrated Wealth Concepts LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 15.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 136,136 shares of the semiconductor manufacturer’s stock after purchasing an additional 18,475 shares during the period. Integrated Wealth Concepts LLC’s holdings in Broadcom were worth $31,562,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Canton Hathaway LLC purchased a new stake in Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth $26,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter valued at $32,000. Bellevue Asset Management LLC bought a new stake in Broadcom during the fourth quarter valued at about $33,000. Finally, Synergy Investment Management LLC purchased a new stake in Broadcom in the fourth quarter worth about $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on AVGO shares. Citigroup lowered their price objective on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Bank of America dropped their price target on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Truist Financial upped their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Finally, Mizuho decreased their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $229.48.

Insider Buying and Selling

In related news, 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 completion of the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock valued at $131,065,542 in the last ninety days. 2.00% of the stock is owned by company insiders.

Broadcom Stock Up 4.3 %

NASDAQ AVGO opened at $176.88 on Thursday. Broadcom Inc. has a 52 week low of $122.33 and a 52 week high of $251.88. The firm has a market capitalization of $831.69 billion, a price-to-earnings ratio of 144.28, a PEG ratio of 2.29 and a beta of 1.05. 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 fifty day moving average of $185.99 and a two-hundred day moving average of $195.85.

Broadcom Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.33%. Broadcom’s payout ratio is 113.46%.

Broadcom declared that its Board of Directors has approved a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.