Edge Capital Group LLC purchased a new position in Broadcom Inc (NASDAQ:AVGO) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,546 shares of the semiconductor manufacturer’s stock, valued at approximately $393,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky bought a new position in shares of Broadcom in the fourth quarter worth $187,000. Viking Fund Management LLC grew its position in Broadcom by 50.0% in the fourth quarter. Viking Fund Management LLC now owns 9,000 shares of the semiconductor manufacturer’s stock worth $2,289,000 after acquiring an additional 3,000 shares in the last quarter. Cigna Investments Inc. New grew its position in Broadcom by 9.0% in the fourth quarter. Cigna Investments Inc. New now owns 13,783 shares of the semiconductor manufacturer’s stock worth $3,505,000 after acquiring an additional 1,134 shares in the last quarter. CHURCHILL MANAGEMENT Corp grew its position in Broadcom by 183.2% in the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 80,057 shares of the semiconductor manufacturer’s stock worth $20,357,000 after acquiring an additional 51,786 shares in the last quarter. Finally, Cobiz Wealth LLC grew its position in Broadcom by 2.6% in the fourth quarter. Cobiz Wealth LLC now owns 26,674 shares of the semiconductor manufacturer’s stock worth $6,783,000 after acquiring an additional 665 shares in the last quarter. 85.76% of the stock is currently owned by hedge funds and other institutional investors.
Broadcom stock opened at $296.80 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 1.47. The stock has a market cap of $115.20 billion, a PE ratio of 15.61, a PEG ratio of 1.28 and a beta of 0.67. Broadcom Inc has a 1-year low of $197.46 and a 1-year high of $300.98.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, March 21st will be issued a dividend of $2.65 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.57%. Broadcom’s dividend payout ratio is currently 56.29%.
AVGO has been the subject of several research reports. ValuEngine lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. DA Davidson upped their target price on shares of Broadcom to $325.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Credit Suisse Group reiterated a “buy” rating and issued a $300.00 target price on shares of Broadcom in a research report on Wednesday, December 5th. BMO Capital Markets upped their target price on shares of Broadcom from $230.00 to $250.00 and gave the stock a “market perform” rating in a research report on Friday, December 7th. Finally, B. Riley upped their target price on shares of Broadcom from $300.00 to $310.00 and gave the stock a “buy” rating in a research report on Tuesday, December 11th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirty-one have issued a buy rating to the company. Broadcom presently has a consensus rating of “Buy” and a consensus price target of $299.08.
In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Tuesday, January 15th. The shares were sold at an average price of $254.99, for a total transaction of $5,099,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Charlie B. Kawwas sold 9,330 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $295.93, for a total transaction of $2,761,026.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,553 shares of company stock valued at $14,906,581. 3.30% of the stock is currently owned by company insiders.
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Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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