Concentric Capital Strategies LP lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 22.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,556 shares of the semiconductor manufacturer's stock after selling 15,664 shares during the period. Broadcom makes up about 0.6% of Concentric Capital Strategies LP's investment portfolio, making the stock its 27th largest holding. Concentric Capital Strategies LP's holdings in Broadcom were worth $12,648,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after buying an additional 18,845 shares in the last quarter. Wolff Financial Management LLC bought a new position in Broadcom in the 4th quarter valued at approximately $244,000. Motive Wealth Advisors boosted its stake in Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock valued at $1,066,000 after purchasing an additional 4,209 shares during the last quarter. Nebula Research & Development LLC increased its holdings in shares of Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 14,399 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on AVGO shares. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Benchmark reiterated a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Bank of America lowered their price objective 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. Morgan Stanley lifted their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Finally, William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $229.48.
Check Out Our Latest Stock Report on Broadcom
Insiders Place Their Bets
In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated 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 owns 38,798,721 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 in the last three months. Corporate insiders own 2.00% of the company's stock.
Broadcom Stock Performance
NASDAQ AVGO opened at $200.09 on Wednesday. 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 $940.81 billion, a PE ratio of 163.21, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The business has a 50 day simple moving average of $182.01 and a two-hundred day simple moving average of $196.89.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.18%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.
Broadcom announced that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.
Broadcom Company Profile
(
Free Report)
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.
See Also
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