Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Atalanta Sosnoff Capital LLC

Atalanta Sosnoff Capital LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 692,689 shares of the semiconductor manufacturer's stock after selling 39,539 shares during the period. Broadcom accounts for approximately 3.5% of Atalanta Sosnoff Capital LLC's holdings, making the stock its 6th biggest holding. Atalanta Sosnoff Capital LLC's holdings in Broadcom were worth $160,593,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of AVGO. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after buying an additional 18,845 shares during the last quarter. Central Pacific Bank Trust Division boosted its stake in Broadcom by 21.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock worth $4,858,000 after buying an additional 3,707 shares during the period. Wolff Financial Management LLC bought a new position in Broadcom during the 4th quarter valued at about $244,000. Motive Wealth Advisors boosted its holdings in Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock valued at $1,066,000 after acquiring an additional 4,209 shares during the period. Finally, Franchise Capital Ltd bought a new stake in Broadcom during the 4th quarter valued at about $2,017,000. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

AVGO traded down $2.92 during midday trading on Monday, hitting $200.72. 13,991,115 shares of the company traded hands, compared to its average volume of 31,146,852. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The business has a 50 day simple moving average of $182.21 and a two-hundred day simple moving average of $196.72. The company has a market capitalization of $943.78 billion, a price-to-earnings ratio of 163.72, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52-week low of $127.51 and a 52-week high of $251.88.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. 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 presently 113.46%.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on AVGO shares. KeyCorp increased their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Benchmark reissued a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Citigroup decreased their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Morgan Stanley lifted their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Insiders Place Their Bets

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

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.