Paralel Advisors LLC Buys 1,720 Shares of Broadcom Inc. (NASDAQ:AVGO)

Paralel Advisors LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.0% during the 4th quarter, HoldingsChannel reports. The firm owned 18,940 shares of the semiconductor manufacturer’s stock after buying an additional 1,720 shares during the period. Broadcom comprises about 0.2% of Paralel Advisors LLC’s investment portfolio, making the stock its 24th largest holding. Paralel Advisors LLC’s holdings in Broadcom were worth $4,391,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Accredited Investors Inc. raised its holdings in shares of Broadcom by 11.6% in the 4th quarter. Accredited Investors Inc. now owns 2,599 shares of the semiconductor manufacturer’s stock valued at $602,000 after purchasing an additional 270 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in Broadcom by 0.8% in the fourth quarter. Treasurer of the State of North Carolina now owns 2,171,415 shares of the semiconductor manufacturer’s stock worth $503,421,000 after buying an additional 17,245 shares in the last quarter. Scotia Capital Inc. lifted its holdings in Broadcom by 2.9% during the fourth quarter. Scotia Capital Inc. now owns 495,701 shares of the semiconductor manufacturer’s stock worth $114,927,000 after buying an additional 13,922 shares during the period. F M Investments LLC grew its stake in Broadcom by 3.7% in the fourth quarter. F M Investments LLC now owns 315,109 shares of the semiconductor manufacturer’s stock valued at $73,055,000 after purchasing an additional 11,161 shares during the last quarter. Finally, TRUE Private Wealth Advisors purchased a new stake in shares of Broadcom during the fourth quarter valued at about $271,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVGO. KeyCorp boosted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Piper Sandler raised their price target on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Benchmark restated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Truist Financial boosted their price target 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. Three investment 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The stock was 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 directly owns 490,956 shares in the company, valued at approximately $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. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

AVGO stock traded down $11.30 during trading hours on Thursday, hitting $173.85. 3,664,577 shares of the stock were exchanged, compared to its average volume of 31,112,721. The company has a 50-day simple moving average of $197.24 and a two-hundred day simple moving average of $195.96. The firm has a market capitalization of $817.42 billion, a P/E ratio of 142.60, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.