Allstate Corp Has $1.56 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Allstate Corp reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 5.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,393 shares of the semiconductor manufacturer’s stock after selling 76 shares during the period. Allstate Corp’s holdings in Broadcom were worth $1,555,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of AVGO. Stuart Chaussee & Associates Inc. bought a new position in shares of Broadcom during the fourth quarter worth approximately $25,000. PSI Advisors LLC increased its holdings in shares of Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 10 shares during the period. BKM Wealth Management LLC bought a new position in shares of Broadcom during the fourth quarter worth approximately $29,000. CKW Financial Group bought a new position in shares of Broadcom during the fourth quarter worth approximately $30,000. Finally, Bfsg LLC bought a new position in shares of Broadcom during the fourth quarter worth approximately $35,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In related news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Justine Page sold 110 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now directly owns 3,125 shares of the company’s stock, valued at $4,134,375. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock valued at $40,306,667 in the last three months. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on AVGO shares. Barclays increased their price target on shares of Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Susquehanna increased their price target on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Rosenblatt Securities restated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Jefferies Financial Group started coverage on shares of Broadcom in a research report on Monday, May 13th. They issued a “buy” rating and a $1,550.00 target price on the stock. Finally, Oppenheimer restated an “outperform” rating and issued a $1,500.00 target price (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,296.91.

Broadcom Stock Performance

AVGO traded up $6.28 during midday trading on Thursday, reaching $1,398.52. The company had a trading volume of 1,655,334 shares, compared to its average volume of 2,766,513. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The stock has a market cap of $648.10 billion, a PE ratio of 51.30, a P/E/G ratio of 2.79 and a beta of 1.25. Broadcom Inc. has a 12-month low of $676.06 and a 12-month high of $1,445.40. The business has a 50-day moving average price of $1,318.57 and a two-hundred day moving average price of $1,195.69.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.83 earnings per share. On average, sell-side analysts expect that Broadcom Inc. will post 36.06 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.50%. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

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.