Allstate Corp Acquires 127,832 Shares of Broadcom Inc. (NASDAQ:AVGO)

Allstate Corp boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3,333.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 131,667 shares of the semiconductor manufacturer’s stock after buying an additional 127,832 shares during the quarter. Broadcom accounts for approximately 0.9% of Allstate Corp’s holdings, making the stock its 18th biggest position. Allstate Corp’s holdings in Broadcom were worth $30,526,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. KFA Private Wealth Group LLC boosted its position in shares of Broadcom by 2.5% in the 4th quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock worth $407,000 after purchasing an additional 42 shares in the last quarter. Dakota Community Bank & Trust NA raised its stake in Broadcom by 2.7% in the fourth quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer’s stock valued at $391,000 after buying an additional 45 shares during the last quarter. Bryant Woods Investment Advisors LLC boosted its holdings in Broadcom by 3.5% in the fourth quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock worth $305,000 after acquiring an additional 45 shares in the last quarter. Marest Capital LLC grew its stake in shares of Broadcom by 1.0% during the fourth quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock worth $1,052,000 after acquiring an additional 46 shares during the last quarter. Finally, Defined Wealth Management LLC increased its holdings in shares of Broadcom by 0.4% during the fourth quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer’s stock valued at $2,947,000 after acquiring an additional 47 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, 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 transaction of $918,560.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the 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 transaction, the director now directly 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 position. The disclosure for this sale can be found here. Insiders sold a total of 785,976 shares of company stock valued at $147,912,102 in the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

Shares of Broadcom stock opened at $169.12 on Friday. The firm has a market cap of $795.19 billion, a PE ratio of 137.95, a P/E/G ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The business has a 50-day moving average price of $209.48 and a 200 day moving average price of $195.91.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. KeyCorp boosted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Evercore ISI raised their target price on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Jefferies Financial Group lifted their price target on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Morgan Stanley increased their price objective on Broadcom from $246.00 to $260.00 and gave the company 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $231.48.

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.