KLP Kapitalforvaltning AS Invests $353.20 Million in Broadcom Inc. (NASDAQ:AVGO)

KLP Kapitalforvaltning AS purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,523,480 shares of the semiconductor manufacturer’s stock, valued at approximately $353,204,000. Broadcom makes up approximately 1.7% of KLP Kapitalforvaltning AS’s portfolio, making the stock its 8th biggest position.

Other institutional investors have also modified their holdings of the company. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the 4th quarter valued at approximately $26,000. Bellevue Asset Management LLC purchased a new stake in Broadcom in the 4th quarter valued at approximately $33,000. Pin Oak Investment Advisors Inc. lifted its stake in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. Finally, Synergy Investment Management LLC purchased a new stake in Broadcom in the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent research reports. Robert W. Baird upped their target price on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. TD Cowen increased their price target on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Susquehanna increased their price target on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Benchmark restated a “buy” rating and set a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Insiders Place Their Bets

In related news, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the sale, the director now owns 6,460 shares of the company’s stock, valued at $1,464,352.80. The trade was a 69.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 172,168 shares of company stock valued at $40,508,877 over the last quarter. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $191.66 on Friday. 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 one year low of $119.76 and a one year high of $251.88. The company’s 50-day simple moving average is $214.38 and its 200-day simple moving average is $194.79. The stock has a market capitalization of $901.18 billion, a price-to-earnings ratio of 156.33, a PEG ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

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

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.