KLP Kapitalforvaltning AS Makes New $353.20 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

KLP Kapitalforvaltning AS acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 1,523,480 shares of the semiconductor manufacturer’s stock, valued at approximately $353,204,000. Broadcom accounts for approximately 1.7% of KLP Kapitalforvaltning AS’s holdings, making the stock its 8th biggest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its position in Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after purchasing an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC grew its position in Broadcom by 976.6% during the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares in the last quarter. FMR LLC grew its position in Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after purchasing an additional 82,998,328 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after acquiring an additional 32,178,542 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after acquiring an additional 30,674,902 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.6 %

Shares of AVGO opened at $191.66 on Friday. The company has a 50-day simple moving average of $214.38 and a 200-day simple moving average of $194.79. The firm has a market capitalization of $901.18 billion, a P/E ratio of 156.33, a P/E/G ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. Broadcom’s payout ratio is currently 113.46%.

Analyst Ratings Changes

Several equities analysts have recently commented on AVGO shares. Evercore ISI boosted their price target on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Benchmark restated a “buy” rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Piper Sandler boosted their price target on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Bank of America boosted their price target on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Susquehanna boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $231.48.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,168 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the sale, the insider now directly owns 321,660 shares of the company’s stock, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 172,168 shares of company stock valued at $40,508,877 over the last quarter. 2.00% of the stock is owned by company insiders.

About Broadcom

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.