Algert Global LLC Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Algert Global LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 56,358 shares of the semiconductor manufacturer's stock after selling 3,993 shares during the period. Algert Global LLC's holdings in Broadcom were worth $13,066,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of AVGO. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $26,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $32,000. Bellevue Asset Management LLC bought a new stake in Broadcom in the fourth quarter worth $33,000. Finally, Synergy Investment Management LLC purchased a new stake in Broadcom during the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity

In other news, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 719,776 shares of company stock worth $131,065,542. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.4 %

Shares of AVGO stock traded down $2.92 on Monday, hitting $200.72. The stock had a trading volume of 13,991,115 shares, compared to its average volume of 31,146,852. Broadcom Inc. has a one year low of $127.51 and a one year high of $251.88. The business has a 50 day moving average price of $181.97 and a 200 day moving average price of $196.86. The company has a market cap of $943.78 billion, a PE ratio of 163.72, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.18%. Broadcom's payout ratio is presently 113.46%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Truist Financial boosted their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Mizuho lowered their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.

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.