Allegheny Financial Group Has $2.32 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Allegheny Financial Group boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 10,006 shares of the semiconductor manufacturer’s stock after buying an additional 59 shares during the period. Broadcom makes up 0.6% of Allegheny Financial Group’s portfolio, making the stock its 29th largest holding. Allegheny Financial Group’s holdings in Broadcom were worth $2,320,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new position in Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the fourth quarter valued at about $32,000. Bellevue Asset Management LLC bought a new position in Broadcom during the fourth quarter worth about $33,000. Finally, Synergy Investment Management LLC acquired a new stake in Broadcom in the 4th quarter worth about $35,000. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock worth $131,065,542 over the last ninety days. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $197.33 on Friday. The firm has a market cap of $927.84 billion, a PE ratio of 160.96, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $122.33 and a 52 week high of $251.88. The firm’s fifty day moving average is $182.19 and its 200-day moving average is $196.28. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

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

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.20%. Broadcom’s payout ratio is 113.46%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Truist Financial raised their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Barclays lowered their price objective on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Benchmark reiterated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Bank of America reduced their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $229.48.

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.