PAX Financial Group LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

PAX Financial Group LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 111.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 10,847 shares of the semiconductor manufacturer’s stock after acquiring an additional 5,727 shares during the quarter. PAX Financial Group LLC’s holdings in Broadcom were worth $2,515,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Astra Wealth Partners LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $317,000. Wescott Financial Advisory Group LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $296,000. Resolute Advisors LLC purchased a new stake in Broadcom during the fourth quarter worth $859,000. Proem Advisors LLC acquired a new stake in Broadcom during the fourth quarter valued at $16,229,000. Finally, Uniting Wealth Partners LLC purchased a new position in Broadcom in the fourth quarter valued at $329,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 approximately $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 can be accessed through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 745,976 shares of company stock valued at $138,632,902 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Down 10.5 %

Shares of AVGO stock opened at $154.01 on Friday. 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 twelve month low of $119.76 and a twelve month high of $251.88. The company’s 50-day moving average price is $203.54 and its 200-day moving average price is $196.08. The stock has a market cap of $724.15 billion, a price-to-earnings ratio of 125.62, a PEG ratio of 2.29 and a beta of 1.01.

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 issued a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.53%. Broadcom’s payout ratio is 113.46%.

Analysts Set New Price Targets

A number of research firms have recently commented on AVGO. Benchmark restated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Susquehanna raised their price objective on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Bank of America boosted their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft increased their target price on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus 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.