Price T Rowe Associates Inc. MD Has $11.02 Billion Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Price T Rowe Associates Inc. MD grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 46.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 47,524,533 shares of the semiconductor manufacturer’s stock after buying an additional 15,171,849 shares during the quarter. Broadcom makes up 1.3% of Price T Rowe Associates Inc. MD’s holdings, making the stock its 11th biggest holding. Price T Rowe Associates Inc. MD owned approximately 1.01% of Broadcom worth $11,018,089,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC boosted its position in Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after buying an additional 3,018,294 shares during the period. FMR LLC grew its holdings in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the last quarter. Norges Bank acquired a new position in Broadcom in the 4th quarter valued at approximately $16,893,010,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Broadcom by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 32,808,362 shares of the semiconductor manufacturer’s stock worth $7,606,291,000 after purchasing an additional 810,907 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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 sale, the director now directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Broadcom stock opened at $169.58 on Wednesday. The company’s fifty day moving average price is $187.11 and its 200 day moving average price is $195.98. Broadcom Inc. has a 1 year low of $122.33 and a 1 year high of $251.88. The stock has a market capitalization of $797.36 billion, a P/E ratio of 138.32, a P/E/G ratio of 2.29 and a beta of 1.05. 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 announced that its board has approved a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed 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 was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.39%. Broadcom’s payout ratio is 113.46%.

Wall Street Analyst Weigh In

A number of research firms recently commented on AVGO. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Barclays lowered their price objective on Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday. Truist Financial increased their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Finally, Mizuho reduced their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price 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.