Allianz SE Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Allianz SE acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 178,089 shares of the semiconductor manufacturer’s stock, valued at approximately $41,945,000. Broadcom accounts for 1.1% of Allianz SE’s holdings, making the stock its 19th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Cambridge Financial Group Inc. acquired a new position in shares of Broadcom during the fourth quarter worth $13,414,000. WealthTrak Capital Management LLC purchased a new stake in Broadcom during the 4th quarter worth about $384,000. Hobbs Group Advisors LLC boosted its position in shares of Broadcom by 35.0% during the 4th quarter. Hobbs Group Advisors LLC now owns 906 shares of the semiconductor manufacturer’s stock worth $210,000 after acquiring an additional 235 shares in the last quarter. Allstate Corp increased its holdings in shares of Broadcom by 3,333.3% in the 4th quarter. Allstate Corp now owns 131,667 shares of the semiconductor manufacturer’s stock valued at $30,526,000 after acquiring an additional 127,832 shares during the last quarter. Finally, Maridea Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at about $316,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Bank of America increased their target price on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Jefferies Financial Group raised their price objective on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft raised their price target on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Robert W. Baird increased their price objective on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Trading Down 1.7 %

NASDAQ AVGO opened at $169.12 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 moving average price is $209.48 and its 200 day moving average price is $195.91. The firm has a market capitalization of $795.19 billion, a price-to-earnings ratio of 137.95, 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. Investors of record on Thursday, March 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.40%. Broadcom’s payout ratio is 113.46%.

Insider Activity at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now directly owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares of the company’s stock, valued at $161,627,425.40. This trade represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 785,976 shares of company stock worth $147,912,102. Corporate insiders own 2.00% of the company’s stock.

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.