Payden & Rygel Has $3.99 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Payden & Rygel lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 87.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,200 shares of the semiconductor manufacturer’s stock after selling 115,300 shares during the period. Payden & Rygel’s holdings in Broadcom were worth $3,988,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Wedbush Securities Inc. boosted its holdings in Broadcom by 1.5% in the 4th quarter. Wedbush Securities Inc. now owns 57,059 shares of the semiconductor manufacturer’s stock valued at $13,229,000 after purchasing an additional 828 shares during the period. Perennial Investment Advisors LLC increased its stake in Broadcom by 8.6% during the fourth quarter. Perennial Investment Advisors LLC now owns 17,975 shares of the semiconductor manufacturer’s stock valued at $4,167,000 after acquiring an additional 1,429 shares during the period. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in Broadcom by 5.7% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 227,074 shares of the semiconductor manufacturer’s stock valued at $52,645,000 after acquiring an additional 12,302 shares in the last quarter. Katamaran Capital LLP acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $3,814,000. Finally, Mizuho Bank Ltd. increased its position in shares of Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock valued at $174,000 after purchasing an additional 50 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

NASDAQ AVGO opened at $146.29 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. The stock has a market cap of $687.85 billion, a price-to-earnings ratio of 119.32, a PEG ratio of 2.29 and a beta of 1.05. The business has a 50 day simple moving average of $201.57 and a 200 day simple moving average of $195.95. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88.

Broadcom Announces Dividend

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

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated 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. This trade represents a 1.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated 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 directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 745,976 shares of company stock valued at $138,632,902. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. Susquehanna raised their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research report on Friday, December 13th. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Morgan Stanley upped their target price on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Mizuho cut their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $231.48.

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.