Fosun International Ltd Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Fosun International Ltd raised its position in Broadcom Inc. (NASDAQ:AVGO) by 28.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 3,089 shares of the semiconductor manufacturer’s stock after acquiring an additional 689 shares during the quarter. Broadcom makes up approximately 0.2% of Fosun International Ltd’s portfolio, making the stock its 17th biggest position. Fosun International Ltd’s holdings in Broadcom were worth $716,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in Broadcom during the 4th quarter worth $16,893,010,000. Price T Rowe Associates Inc. MD boosted its holdings in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. GQG Partners LLC increased its holdings in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Vanguard Group Inc. boosted its stake in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Broadcom by 27.4% during the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer’s stock worth $6,236,011,000 after purchasing an additional 5,783,988 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.2 %

Shares of NASDAQ AVGO opened at $208.26 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The business has a 50-day moving average price of $182.95 and a 200 day moving average price of $197.33. The stock has a market cap of $979.23 billion, a PE ratio of 169.87, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.13%. Broadcom’s dividend payout ratio (DPR) is 113.46%.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AVGO shares. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Bank of America reduced their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. KeyCorp increased their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Barclays dropped their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Finally, Mizuho decreased their target price on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $229.48.

Insiders Place Their Bets

In related 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 transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company’s 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 sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. Insiders own 2.00% of the company’s stock.

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.