Legacy Investment Solutions LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Legacy Investment Solutions LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 92.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 500 shares of the semiconductor manufacturer’s stock after acquiring an additional 240 shares during the quarter. Legacy Investment Solutions LLC’s holdings in Broadcom were worth $112,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of AVGO. Vanguard Group Inc. raised its stake in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the period. FMR LLC grew its position in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $16,893,010,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Broadcom by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 32,808,362 shares of the semiconductor manufacturer’s stock valued at $7,606,291,000 after acquiring an additional 810,907 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AVGO. Barclays raised their price objective on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. 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. Mizuho lowered their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Finally, Truist Financial increased their target price on shares of Broadcom from $260.00 to $267.00 and gave the company 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 given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $231.68.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Up 5.6 %

Shares of NASDAQ:AVGO opened at $181.94 on Friday. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. 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 firm’s 50-day simple moving average is $195.52 and its 200-day simple moving average is $195.99. The company has a market cap of $855.47 billion, a price-to-earnings ratio of 148.40, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.30%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

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

Broadcom Company 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.