MidWestOne Financial Group Inc. Has $6.24 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

MidWestOne Financial Group Inc. lessened its position in Broadcom Inc. (NASDAQ:AVGO) by 8.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 26,903 shares of the semiconductor manufacturer’s stock after selling 2,493 shares during the quarter. Broadcom comprises approximately 0.9% of MidWestOne Financial Group Inc.’s portfolio, making the stock its 15th largest holding. MidWestOne Financial Group Inc.’s holdings in Broadcom were worth $6,237,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. KFA Private Wealth Group LLC raised its position in Broadcom by 2.5% in the 4th quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock valued at $407,000 after buying an additional 42 shares during the last quarter. Bryant Woods Investment Advisors LLC increased its position in shares of Broadcom by 3.5% during the 4th quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock worth $305,000 after purchasing an additional 45 shares during the last quarter. Marest Capital LLC increased its position in shares of Broadcom by 1.0% during the 4th quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock worth $1,052,000 after purchasing an additional 46 shares during the last quarter. Register Financial Advisors LLC increased its position in shares of Broadcom by 1.3% during the 4th quarter. Register Financial Advisors LLC now owns 3,693 shares of the semiconductor manufacturer’s stock worth $856,000 after purchasing an additional 47 shares during the last quarter. Finally, SlateStone Wealth LLC increased its position in shares of Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after purchasing an additional 47 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $231.68 on Wednesday. The stock has a fifty day moving average price of $188.62 and a 200-day moving average price of $200.27. The company has a market cap of $1.09 trillion, a price-to-earnings ratio of 188.97, a PEG ratio of 2.29 and a beta of 1.04. 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 Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88.

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. Broadcom’s payout ratio is 113.46%.

Insider Activity

In other news, Director Justine Page sold 800 shares of the company’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction 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 sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent analyst reports. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Citigroup lowered their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Barclays lowered their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, Mizuho reduced their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $229.48.

Broadcom Company 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.