Clark Capital Management Group Inc. Sells 156,929 Shares of Broadcom Inc. (NASDAQ:AVGO)

Clark Capital Management Group Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 725,120 shares of the semiconductor manufacturer's stock after selling 156,929 shares during the quarter. Broadcom accounts for about 1.2% of Clark Capital Management Group Inc.'s holdings, making the stock its 13th largest position. Clark Capital Management Group Inc.'s holdings in Broadcom were worth $168,112,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of AVGO. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Wolff Financial Management LLC bought a new stake in Broadcom during the fourth quarter worth about $244,000. Motive Wealth Advisors increased its holdings in shares of Broadcom by 1,076.5% during the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock worth $1,066,000 after buying an additional 4,209 shares in the last quarter. Nebula Research & Development LLC raised its stake in shares of Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after acquiring an additional 14,399 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after acquiring an additional 6,540,800 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through 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 transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock worth $131,065,542 in the last quarter. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 2.4 %

AVGO opened at $204.81 on Thursday. The stock has a fifty day moving average of $182.12 and a 200-day moving average of $196.94. The company has a market capitalization of $963.01 billion, a P/E ratio of 167.06, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. 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 declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Bank of America cut their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Barclays cut their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

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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