Shorepoint Capital Partners LLC Sells 7,044 Shares of Broadcom Inc. (NASDAQ:AVGO)

Shorepoint Capital Partners LLC lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 118,372 shares of the semiconductor manufacturer's stock after selling 7,044 shares during the quarter. Broadcom comprises 6.3% of Shorepoint Capital Partners LLC's investment portfolio, making the stock its 2nd biggest holding. Shorepoint Capital Partners LLC's holdings in Broadcom were worth $27,443,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company's stock, 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 legal filing with the SEC, which is available at this link. Also, Director Justine Page sold 800 shares of the company's stock in a transaction on 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 approximately $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. 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 in the last quarter. Insiders own 2.00% of the company's stock.

Broadcom Stock Up 0.7 %

Shares of Broadcom stock traded up $1.30 on Wednesday, hitting $192.47. 22,166,072 shares of the company's stock traded hands, compared to its average volume of 31,557,039. The stock has a market cap of $904.98 billion, a P/E ratio of 156.99, a PEG ratio of 2.29 and a beta of 1.05. The firm's 50-day moving average is $182.92 and its 200 day moving average is $196.21. 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 Inc. has a 52-week low of $122.33 and a 52-week high of $251.88.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

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 1.23%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AVGO shares. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Citigroup cut their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday, April 11th. Benchmark reaffirmed a "buy" rating and issued a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, KeyCorp increased their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $229.48.

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.