Broadcom Inc. (NASDAQ:AVGO) Stake Boosted by Virtus ETF Advisers LLC

Virtus ETF Advisers LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,693 shares of the semiconductor manufacturer’s stock after acquiring an additional 854 shares during the period. Broadcom accounts for approximately 0.6% of Virtus ETF Advisers LLC’s investment portfolio, making the stock its 7th biggest position. Virtus ETF Advisers LLC’s holdings in Broadcom were worth $1,552,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new position in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $26,000. Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the 4th quarter valued at about $32,000. Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at about $33,000. Finally, Synergy Investment Management LLC acquired a new stake in Broadcom during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $192.31 on Friday. The firm has a market capitalization of $904.23 billion, a price-to-earnings ratio of 156.86, a PEG ratio of 2.29 and a beta of 1.05. The firm’s fifty day simple moving average is $184.36 and its 200-day simple moving average is $196.02. Broadcom Inc. has a twelve month low of $122.33 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.

Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Insiders Place Their Bets

In related news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was 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 in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 in the last ninety days. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on AVGO shares. Benchmark reissued a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley lifted their target price on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $229.48.

Broadcom 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.