Nuveen Asset Management LLC Has $9.04 Billion Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Nuveen Asset Management LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,995,837 shares of the semiconductor manufacturer's stock after selling 828,713 shares during the period. Broadcom accounts for about 2.6% of Nuveen Asset Management LLC's portfolio, making the stock its 5th biggest holding. Nuveen Asset Management LLC owned approximately 0.83% of Broadcom worth $9,040,795,000 at the end of the most recent quarter.

Other hedge funds also recently 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 approximately $26,000. Sellwood Investment Partners LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on AVGO. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Barclays decreased their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Citigroup reduced their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Rosenblatt Securities restated a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, Bank of America cut their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. 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 company. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value 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 $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the firm'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 completion of the transaction, the director now directly owns 25,380 shares of the company's stock, valued at $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. Over the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO traded down $4.03 on Friday, hitting $228.61. 22,996,350 shares of the stock traded hands, compared to its average volume of 31,203,212. The business's fifty day moving average is $186.31 and its two-hundred day moving average is $198.91. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The firm has a market capitalization of $1.07 trillion, a price-to-earnings ratio of 186.47, a PEG ratio of 2.29 and a beta of 1.04. 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 company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 1.03%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is 113.46%.

Broadcom declared that its board has approved a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are 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.