Beverly Hills Private Wealth LLC Decreases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Beverly Hills Private Wealth LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,292 shares of the semiconductor manufacturer's stock after selling 5,794 shares during the quarter. Broadcom comprises about 1.4% of Beverly Hills Private Wealth LLC's portfolio, making the stock its 12th biggest position. Beverly Hills Private Wealth LLC's holdings in Broadcom were worth $7,023,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Canton Hathaway LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom during the fourth quarter worth about $26,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the 4th quarter worth about $32,000. Bellevue Asset Management LLC purchased a new position in Broadcom during the fourth quarter worth approximately $33,000. Finally, Synergy Investment Management LLC acquired a new stake in Broadcom during the 4th quarter worth $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction dated 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 directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of Broadcom stock traded down $0.63 on Tuesday, hitting $200.09. The company's 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 P/E ratio of 163.21, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The firm has a fifty day moving average price of $181.97 and a 200-day moving average price of $196.86. 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 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently disclosed 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 of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.18%. Broadcom's dividend payout ratio is currently 113.46%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup reduced 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. KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Benchmark reiterated a "buy" rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Mizuho cut their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus 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.