11,420 Shares in Broadcom Inc. (NASDAQ:AVGO) Acquired by Kane Investment Management Inc.

Kane Investment Management Inc. purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,420 shares of the semiconductor manufacturer’s stock, valued at approximately $2,647,000. Broadcom accounts for about 1.5% of Kane Investment Management Inc.’s investment portfolio, making the stock its 10th largest position.

Other hedge funds also recently made changes to their positions in the company. Canton Hathaway LLC acquired a new position in Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $26,000. Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC purchased a new stake in shares of Broadcom during the 4th quarter worth about $33,000. Finally, Synergy Investment Management LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on AVGO. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Truist Financial upped their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Finally, KeyCorp raised their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $231.68.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of Broadcom 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 transaction, the director now directly 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 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 company’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 sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Broadcom Stock Down 2.0 %

AVGO stock opened at $178.36 on Tuesday. The firm has a fifty day moving average price of $194.45 and a two-hundred day moving average price of $196.15. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The firm has a market cap of $838.64 billion, a price-to-earnings ratio of 145.48, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication 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.