Capital Analysts LLC Sells 10,756 Shares of Broadcom Inc. (NASDAQ:AVGO)

Capital Analysts LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 87,925 shares of the semiconductor manufacturer's stock after selling 10,756 shares during the quarter. Broadcom makes up about 0.8% of Capital Analysts LLC's holdings, making the stock its 23rd biggest holding. Capital Analysts LLC's holdings in Broadcom were worth $20,384,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in Broadcom in the fourth quarter worth about $16,893,010,000. Franklin Resources Inc. boosted its position in shares of Broadcom by 1,114.6% during the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock valued at $3,849,270,000 after purchasing an additional 19,375,547 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. GQG Partners LLC raised its holdings in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Citigroup reduced their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $229.48.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $1.39 during mid-day trading on Wednesday, reaching $189.78. 6,416,557 shares of the company traded hands, compared to its average volume of 31,162,722. The company's 50 day moving average price is $182.92 and its 200-day moving average price is $196.21. 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 firm has a market cap of $892.34 billion, a PE ratio of 154.80, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $122.33 and a 52 week high of $251.88.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.24%. Broadcom's payout ratio is presently 113.46%.

Broadcom declared that its board 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 reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 25,380 shares in the company, 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. Insiders have sold a total of 719,776 shares of company stock valued at $131,065,542 over the last ninety days. 2.00% of the stock is currently owned by company 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.