Novem Group Acquires Shares of 31,633 Broadcom Inc. (NASDAQ:AVGO)

Novem Group bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 31,633 shares of the semiconductor manufacturer’s stock, valued at approximately $7,334,000. Broadcom accounts for 1.1% of Novem Group’s portfolio, making the stock its 19th largest position.

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

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Bank of America dropped their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Citigroup cut their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Benchmark reissued a “buy” rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 490,956 shares in the company, 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. Over the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.5%

Broadcom stock opened at $231.68 on Wednesday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The company has a market cap of $1.09 trillion, a P/E ratio of 188.97, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The business has a 50-day simple moving average of $188.62 and a two-hundred day simple moving average of $200.27.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.02%. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management 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.