Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Beacon Pointe Advisors LLC

Beacon Pointe Advisors LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 302,512 shares of the semiconductor manufacturer's stock after selling 3,382 shares during the period. Broadcom accounts for approximately 0.8% of Beacon Pointe Advisors LLC's holdings, making the stock its 25th biggest position. Beacon Pointe Advisors LLC's holdings in Broadcom were worth $70,134,000 at the end of the most recent reporting period.

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

Broadcom Stock Performance

Broadcom stock traded up $1.30 during midday trading on Wednesday, hitting $192.47. 22,283,051 shares of the company were exchanged, compared to its average volume of 31,263,255. The firm has a market capitalization of $904.98 billion, a PE ratio of 156.99, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a fifty-two week low of $122.33 and a fifty-two week high of $251.88. The business has a fifty day simple moving average of $182.92 and a two-hundred day simple moving average of $196.21. 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 business also recently announced 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. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is 113.46%.

Broadcom announced that its board has initiated a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays reduced their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Mizuho reduced their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. Benchmark reissued a "buy" rating and issued a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Bank of America reduced their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Truist Financial raised their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.

Insider Buying and Selling

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

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.