Keel Point LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Keel Point LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 18.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 17,695 shares of the semiconductor manufacturer’s stock after buying an additional 2,808 shares during the period. Keel Point LLC’s holdings in Broadcom were worth $4,102,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of AVGO. Canton Hathaway LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. 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. Benchmark reiterated a “buy” rating and issued a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Bank of America decreased their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Citigroup reduced their price objective on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $229.48.

Broadcom Trading Up 0.7 %

NASDAQ:AVGO opened at $192.47 on Thursday. Broadcom Inc. has a 12-month low of $122.33 and a 12-month high of $251.88. The firm has a market capitalization of $904.98 billion, a P/E ratio of 156.99, a P/E/G 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 business has a 50 day simple moving average of $182.40 and a 200 day simple moving average of $196.18.

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 paid 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 1.23%. Broadcom’s payout ratio is 113.46%.

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of Broadcom 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 transaction, the director now directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The stock was 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 directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 719,776 shares of company stock valued at $131,065,542. Company insiders own 2.00% of the company’s stock.

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.