Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Alliancebernstein L.P.

Alliancebernstein L.P. raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 10.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,435,904 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,430,793 shares during the period. Broadcom accounts for 2.0% of Alliancebernstein L.P.’s holdings, making the stock its 8th biggest holding. Alliancebernstein L.P.’s holdings in Broadcom were worth $5,897,060,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Howard Capital Management Group LLC increased its stake in Broadcom by 2,219.8% during the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after purchasing an additional 2,908 shares in the last quarter. Principal Financial Group Inc. lifted its position in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after acquiring an additional 6,540,800 shares in the last quarter. Edgestream Partners L.P. increased its holdings in Broadcom by 2,491.7% during the 3rd quarter. Edgestream Partners L.P. now owns 14,047 shares of the semiconductor manufacturer’s stock worth $2,423,000 after purchasing an additional 13,505 shares in the last quarter. Tradition Wealth Management LLC raised its stake in shares of Broadcom by 863.8% in the third quarter. Tradition Wealth Management LLC now owns 21,715 shares of the semiconductor manufacturer’s stock worth $3,746,000 after purchasing an additional 19,462 shares during the last quarter. Finally, Cobblestone Capital Advisors LLC NY lifted its holdings in shares of Broadcom by 993.1% in the third quarter. Cobblestone Capital Advisors LLC NY now owns 5,225 shares of the semiconductor manufacturer’s stock valued at $901,000 after purchasing an additional 4,747 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares in the company, valued at $161,627,425.40. The trade was a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 785,976 shares of company stock worth $147,912,102. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Down 1.7 %

AVGO opened at $169.12 on Monday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The firm has a market capitalization of $795.19 billion, a P/E ratio of 137.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a fifty day moving average price of $209.48 and a 200-day moving average price of $196.51.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.40%. Broadcom’s payout ratio is currently 113.46%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Morgan Stanley increased their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Benchmark reaffirmed a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Barclays upped their target price on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Piper Sandler boosted 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. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $231.48.

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.