Broadcom Inc. (NASDAQ:AVGO) Stock Holdings Lifted by Synovus Financial Corp

Synovus Financial Corp lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 0.7% in the 4th quarter, Holdings Channel reports. The fund owned 225,195 shares of the semiconductor manufacturer’s stock after buying an additional 1,468 shares during the period. Broadcom makes up approximately 0.7% of Synovus Financial Corp’s investment portfolio, making the stock its 23rd biggest holding. Synovus Financial Corp’s holdings in Broadcom were worth $52,213,000 as of its most recent filing with the SEC.

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

Broadcom Trading Up 5.6 %

Shares of AVGO opened at $181.94 on Friday. The stock’s 50-day moving average price is $195.52 and its 200 day moving average price is $195.99. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The firm has a market capitalization of $855.47 billion, a price-to-earnings ratio of 148.40, a P/E/G ratio of 2.29 and a beta of 1.05.

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

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was 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 of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Citigroup decreased their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday. Truist Financial lifted their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Morgan Stanley increased their price objective on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average price target of $231.68.

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.