AQR Capital Management LLC Sells 421,291 Shares of Broadcom Inc. (NASDAQ:AVGO)

AQR Capital Management LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,848,831 shares of the semiconductor manufacturer's stock after selling 421,291 shares during the period. Broadcom makes up about 0.9% of AQR Capital Management LLC's investment portfolio, making the stock its 6th largest position. AQR Capital Management LLC owned about 0.06% of Broadcom worth $660,473,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of AVGO. Howard Capital Management Group LLC raised its position in Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock valued at $524,000 after purchasing an additional 2,908 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after buying an additional 6,540,800 shares during the period. Invst LLC increased its position in shares of Broadcom by 928.6% in the 3rd quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock valued at $522,000 after buying an additional 2,730 shares in the last quarter. McIlrath & Eck LLC grew its position in shares of Broadcom by 793.3% in the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock valued at $69,000 after purchasing an additional 357 shares during the period. Finally, Passumpsic Savings Bank lifted its position in Broadcom by 900.9% in the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock valued at $2,743,000 after acquiring an additional 14,315 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 over the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 0.7 %

Shares of NASDAQ AVGO traded up $1.30 during mid-day trading on Wednesday, reaching $192.47. 22,283,051 shares of the company were exchanged, compared to its average volume of 31,263,255. The firm has a 50-day moving average of $182.40 and a 200 day moving average of $196.18. Broadcom Inc. has a 1 year low of $122.33 and a 1 year high of $251.88. The stock has a market cap of $904.98 billion, a price-to-earnings ratio of 156.99, a P/E/G ratio of 2.29 and a beta of 1.05. 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 buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.23%. Broadcom's dividend payout ratio is presently 113.46%.

Analysts Set New Price Targets

A number of research analysts have weighed in on AVGO shares. Bank of America decreased their price target on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Benchmark reiterated a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley increased their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Truist Financial lifted their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Finally, Barclays reduced their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and an average target price of $229.48.

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.