Resona Asset Management Co. Ltd. Buys New Stake in Broadcom Inc. (NASDAQ:AVGO)

Resona Asset Management Co. Ltd. bought a new position in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,313,602 shares of the semiconductor manufacturer’s stock, valued at approximately $306,526,000. Broadcom accounts for about 1.8% of Resona Asset Management Co. Ltd.’s investment portfolio, making the stock its 8th largest holding.

Several other large investors have also bought and sold shares of the company. Pioneer Trust Bank N A OR grew its position in Broadcom by 21.6% during the 4th quarter. Pioneer Trust Bank N A OR now owns 1,982 shares of the semiconductor manufacturer’s stock worth $460,000 after purchasing an additional 352 shares in the last quarter. First Western Trust Bank grew its holdings in shares of Broadcom by 2.0% during the fourth quarter. First Western Trust Bank now owns 3,290 shares of the semiconductor manufacturer’s stock valued at $763,000 after buying an additional 63 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new position in Broadcom during the fourth quarter valued at $727,000. PAX Financial Group LLC boosted its position in Broadcom by 111.9% during the 4th quarter. PAX Financial Group LLC now owns 10,847 shares of the semiconductor manufacturer’s stock worth $2,515,000 after acquiring an additional 5,727 shares during the period. Finally, Astra Wealth Partners LLC purchased a new position in Broadcom during the 4th quarter valued at about $317,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $146.29 on Friday. The firm has a fifty day moving average price of $201.57 and a two-hundred day moving average price of $195.95. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market cap of $687.85 billion, a PE ratio of 119.32, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is presently 113.46%.

Analyst Ratings Changes

AVGO has been the subject of several research reports. Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Bank of America boosted their price target on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Piper Sandler increased their price objective on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. JPMorgan Chase & Co. boosted their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $231.48.

Insider Activity at Broadcom

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 745,976 shares of company stock worth $138,632,902 over the last three months. Company insiders own 2.00% of the company’s stock.

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.