Price T Rowe Associates Inc. MD Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Price T Rowe Associates Inc. MD grew its position in Broadcom Inc. (NASDAQ:AVGO) by 46.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,524,533 shares of the semiconductor manufacturer’s stock after buying an additional 15,171,849 shares during the quarter. Broadcom accounts for approximately 1.3% of Price T Rowe Associates Inc. MD’s holdings, making the stock its 11th biggest holding. Price T Rowe Associates Inc. MD’s holdings in Broadcom were worth $11,018,089,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in AVGO. Howard Capital Management Group LLC lifted its stake in Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after buying an additional 2,908 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock worth $1,238,966,000 after acquiring an additional 6,540,800 shares during the last quarter. Invst LLC lifted its position in shares of Broadcom by 928.6% in the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer’s stock valued at $522,000 after acquiring an additional 2,730 shares in the last quarter. McIlrath & Eck LLC boosted its stake in shares of Broadcom by 793.3% during the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock valued at $69,000 after acquiring an additional 357 shares during the last quarter. Finally, Passumpsic Savings Bank increased its position in Broadcom by 900.9% during the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock worth $2,743,000 after purchasing an additional 14,315 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. This trade represents a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction 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 completion of the sale, 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. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 over the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 2.0 %

Shares of NASDAQ AVGO opened at $169.58 on Wednesday. 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 stock’s 50 day moving average price is $187.11 and its two-hundred day moving average price is $195.98. Broadcom Inc. has a 52-week low of $122.33 and a 52-week high of $251.88. The stock has a market capitalization of $797.36 billion, a P/E ratio of 138.32, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom announced that its Board of Directors has authorized a stock buyback 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVGO. Truist Financial raised their target price 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. Bank of America decreased their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Barclays dropped their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research note on Tuesday. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $229.48.

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.