Broadcom Inc. (NASDAQ:AVGO) Position Lessened by Bridgeway Capital Management LLC

Bridgeway Capital Management LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 142,766 shares of the semiconductor manufacturer's stock after selling 29,982 shares during the quarter. Broadcom makes up 0.7% of Bridgeway Capital Management LLC's portfolio, making the stock its 6th biggest holding. Bridgeway Capital Management LLC's holdings in Broadcom were worth $33,099,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC raised its stake in Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC boosted its holdings in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new stake in shares of Broadcom during the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp increased its holdings in shares of Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AVGO. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Truist Financial increased 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. Bank of America reduced their price target 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. Mizuho dropped their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Finally, Rosenblatt Securities restated a "buy" rating and set a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and an average target price of $229.48.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 719,776 shares of company stock valued at $131,065,542. Insiders own 2.00% of the company's stock.

Broadcom Trading Down 1.4 %

AVGO opened at $200.72 on Tuesday. Broadcom Inc. has a 12-month low of $127.51 and a 12-month high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market capitalization of $943.78 billion, a PE ratio of 163.72, a P/E/G ratio of 2.29 and a beta of 1.04. The firm's fifty day moving average price is $181.97 and its 200 day moving average price is $196.86.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. 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 (DPR) is presently 113.46%.

Broadcom declared that its Board of Directors has approved a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in 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 leadership believes its stock is undervalued.

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.

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