GKV Capital Management Co. Inc. Buys New Position in Broadcom Inc. (NASDAQ:AVGO)

GKV Capital Management Co. Inc. purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 61,500 shares of the semiconductor manufacturer’s stock, valued at approximately $14,258,000. Broadcom comprises approximately 5.8% of GKV Capital Management Co. Inc.’s investment portfolio, making the stock its 3rd largest holding.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Benchmark restated a “buy” rating and set a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Truist Financial lifted their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Finally, Bank of America lowered their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $231.28.

Broadcom Stock Down 2.4 %

Shares of Broadcom stock opened at $174.61 on Thursday. The stock has a market capitalization of $821.01 billion, a price-to-earnings ratio of 142.42, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The business’s 50 day simple moving average is $192.40 and its 200-day simple moving average is $195.88.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Broadcom declared that its Board of Directors has initiated a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred 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 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 719,776 shares of company stock worth $131,065,542. Insiders own 2.00% of the company’s stock.

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.