Heritage Trust Co Takes $1.40 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Heritage Trust Co purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, Holdings Channel reports. The firm purchased 6,015 shares of the semiconductor manufacturer’s stock, valued at approximately $1,395,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVGO. KFA Private Wealth Group LLC increased its position in Broadcom by 2.5% in the fourth quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock worth $407,000 after buying an additional 42 shares in the last quarter. Dakota Community Bank & Trust NA grew its stake in shares of Broadcom by 2.7% during the 4th quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer’s stock valued at $391,000 after acquiring an additional 45 shares during the period. Bryant Woods Investment Advisors LLC increased its holdings in Broadcom by 3.5% in the 4th quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock worth $305,000 after acquiring an additional 45 shares in the last quarter. Marest Capital LLC increased its holdings in Broadcom by 1.0% in the 4th quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock worth $1,052,000 after acquiring an additional 46 shares in the last quarter. Finally, Defined Wealth Management LLC raised its stake in Broadcom by 0.4% during the 4th quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer’s stock worth $2,947,000 after acquiring an additional 47 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AVGO. Bank of America increased their price objective on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Mizuho lowered their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. JPMorgan Chase & Co. lifted their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Piper Sandler upped their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $231.68.

Broadcom Trading Up 5.6 %

Shares of NASDAQ AVGO opened at $181.94 on Friday. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. 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’s 50 day moving average is $195.52 and its two-hundred day moving average is $195.99. The stock has a market capitalization of $855.47 billion, a P/E ratio of 148.40, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

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

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom 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 transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

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.