Fayez Sarofim & Co Buys 2,820 Shares of Broadcom Inc. (NASDAQ:AVGO)

Fayez Sarofim & Co grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 67,960 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,820 shares during the period. Fayez Sarofim & Co’s holdings in Broadcom were worth $15,756,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in AVGO. J. Safra Sarasin Holding AG raised its stake in shares of Broadcom by 2.7% in the fourth quarter. J. Safra Sarasin Holding AG now owns 526,021 shares of the semiconductor manufacturer’s stock valued at $121,979,000 after purchasing an additional 13,591 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. raised its stake in shares of Broadcom by 20.4% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 234,090 shares of the semiconductor manufacturer’s stock valued at $54,271,000 after buying an additional 39,662 shares in the last quarter. Vectors Research Management LLC bought a new position in shares of Broadcom during the 4th quarter worth about $262,000. Wealth Dimensions Group Ltd. boosted its position in shares of Broadcom by 78.0% during the 4th quarter. Wealth Dimensions Group Ltd. now owns 7,195 shares of the semiconductor manufacturer’s stock valued at $1,668,000 after acquiring an additional 3,152 shares in the last quarter. Finally, TD Waterhouse Canada Inc. raised its position in Broadcom by 16.0% in the fourth quarter. TD Waterhouse Canada Inc. now owns 367,221 shares of the semiconductor manufacturer’s stock worth $85,114,000 after purchasing an additional 50,727 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

NASDAQ AVGO opened at $170.99 on Monday. The firm’s 50 day moving average price is $189.84 and its 200-day moving average price is $196.24. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market cap of $803.99 billion, a PE ratio of 139.47, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52-week low of $120.05 and a 52-week high of $251.88.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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 $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.38%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated 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 directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on 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 owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on AVGO shares. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Barclays boosted their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. KeyCorp lifted their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” 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 investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $231.28.

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.