Integrated Wealth Concepts LLC Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Integrated Wealth Concepts LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 136,136 shares of the semiconductor manufacturer’s stock after acquiring an additional 18,475 shares during the period. Integrated Wealth Concepts LLC’s holdings in Broadcom were worth $31,562,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in AVGO. Vanguard Group Inc. grew its stake in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of 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 acquiring an additional 3,018,294 shares in the last quarter. FMR LLC lifted its position in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after acquiring an additional 2,873,809 shares during the last quarter. Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at approximately $16,893,010,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AVGO. Truist Financial increased their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Benchmark reaffirmed a “buy” rating and issued a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Citigroup dropped their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $229.48.

Insider Activity

In other 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 value of $5,839,500.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 38,798,721 shares of the company’s stock, valued at $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. Insiders have sold a total of 719,776 shares of company stock worth $131,065,542 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 4.3 %

Shares of NASDAQ:AVGO opened at $176.88 on Thursday. The business’s 50 day moving average price is $185.99 and its 200-day moving average price is $195.85. Broadcom Inc. has a 1 year low of $122.33 and a 1 year high of $251.88. The firm has a market capitalization of $831.69 billion, a price-to-earnings ratio of 144.28, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

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

Broadcom 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.