Lee Danner & Bass Inc. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Lee Danner & Bass Inc. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 48.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,984 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,294 shares during the quarter. Lee Danner & Bass Inc.’s holdings in Broadcom were worth $924,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Canton Hathaway LLC bought a new position in Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth $26,000. Bellevue Asset Management LLC bought a new position in Broadcom in the 4th quarter worth $33,000. Pin Oak Investment Advisors Inc. raised its holdings in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. Finally, Synergy Investment Management LLC bought a new position in Broadcom in the 4th quarter worth $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the sale, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now owns 842,836 shares in the company, valued at approximately $202,246,926.56. The trade was a 5.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,168 shares of company stock valued at $40,508,877. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Robert W. Baird increased their price target on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Benchmark reiterated a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Citigroup increased their price target on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Three investment 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 company currently has an average rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Stock Performance

AVGO opened at $191.66 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a market cap of $901.18 billion, a price-to-earnings ratio of 156.33, a PEG ratio of 2.29 and a beta of 1.01. The company’s 50 day moving average is $214.38 and its 200 day moving average is $194.79. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

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.