Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Horizon Investments LLC

Horizon Investments LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 42.7% during the fourth quarter, Holdings Channel reports. The fund owned 108,314 shares of the semiconductor manufacturer’s stock after purchasing an additional 32,412 shares during the quarter. Broadcom accounts for 0.7% of Horizon Investments LLC’s investment portfolio, making the stock its 22nd largest holding. Horizon Investments LLC’s holdings in Broadcom were worth $25,112,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in AVGO. Swedbank AB lifted its holdings in Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after acquiring an additional 16,453,718 shares during the last quarter. Howard Capital Management Group LLC lifted its stake in Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after acquiring an additional 2,908 shares during the last quarter. Pettinga Financial Advisors LLC increased its position in Broadcom by 896.9% during the third quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer’s stock worth $502,000 after buying an additional 2,619 shares during the last quarter. Impax Asset Management Group plc raised its holdings in Broadcom by 884.6% during the third quarter. Impax Asset Management Group plc now owns 119,529 shares of the semiconductor manufacturer’s stock valued at $20,619,000 after buying an additional 107,389 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings 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 worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AVGO. Truist Financial upped their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Robert W. Baird raised their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Citigroup raised their price objective on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Insider Activity

In related news, CFO Kirsten M. Spears sold 12,570 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the completion of the sale, the chief financial officer now owns 325,443 shares of the company’s stock, valued at $74,728,221.66. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the transaction, the director now owns 6,460 shares in the company, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 184,738 shares of company stock worth $43,395,200. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Down 0.5 %

Shares of AVGO opened at $194.50 on Tuesday. The stock has a market capitalization of $914.53 billion, a price-to-earnings ratio of 158.65, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The business’s 50 day simple moving average is $217.28 and its 200-day simple moving average is $194.43. 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 1 year low of $119.76 and a 1 year high of $251.88.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

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.