Bamco Inc. NY Sells 20,742 Shares of Broadcom Inc. (NASDAQ:AVGO)

Bamco Inc. NY lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 484,330 shares of the semiconductor manufacturer's stock after selling 20,742 shares during the period. Bamco Inc. NY's holdings in Broadcom were worth $112,287,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in shares of Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after purchasing an additional 6,540,800 shares in the last quarter. Nordea Investment Management AB grew its holdings in Broadcom by 15.0% during the 4th quarter. Nordea Investment Management AB now owns 5,264,796 shares of the semiconductor manufacturer's stock worth $1,239,333,000 after acquiring an additional 687,050 shares during the last quarter. CWA Asset Management Group LLC increased its position in Broadcom by 10.3% in the 4th quarter. CWA Asset Management Group LLC now owns 37,210 shares of the semiconductor manufacturer's stock valued at $8,627,000 after acquiring an additional 3,484 shares in the last quarter. Boltwood Capital Management raised its stake in shares of Broadcom by 4.4% in the fourth quarter. Boltwood Capital Management now owns 1,775 shares of the semiconductor manufacturer's stock worth $412,000 after acquiring an additional 75 shares during the last quarter. Finally, Iowa State Bank lifted its position in shares of Broadcom by 0.8% during the fourth quarter. Iowa State Bank now owns 18,409 shares of the semiconductor manufacturer's stock worth $4,268,000 after purchasing an additional 155 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley boosted their target price on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Citigroup decreased their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Truist Financial boosted their price objective on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated 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. The trade was a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock worth $131,065,542 in the last quarter. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Down 0.3 %

NASDAQ AVGO traded down $0.63 during trading on Tuesday, hitting $200.09. The stock had a trading volume of 16,207,992 shares, compared to its average volume of 31,147,095. The company has a market capitalization of $940.81 billion, a PE ratio of 163.21, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The company's 50-day moving average price is $181.97 and its two-hundred day moving average price is $196.86. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid 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 1.18%. Broadcom's dividend payout ratio is 113.46%.

Broadcom declared that its board has approved a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

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.