CoreCap Advisors LLC Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

CoreCap Advisors LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 39.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,680 shares of the semiconductor manufacturer's stock after selling 20,709 shares during the period. CoreCap Advisors LLC's holdings in Broadcom were worth $7,345,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its stake 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 buying an additional 6,540,800 shares during the last quarter. Bangor Savings Bank grew its stake in shares of Broadcom by 3.1% in the fourth quarter. Bangor Savings Bank now owns 4,589 shares of the semiconductor manufacturer's stock worth $1,064,000 after acquiring an additional 140 shares during the last quarter. Bank of New Hampshire increased its holdings in shares of Broadcom by 41.4% during the fourth quarter. Bank of New Hampshire now owns 820 shares of the semiconductor manufacturer's stock valued at $190,000 after acquiring an additional 240 shares in the last quarter. Diversified Trust Co raised its position in shares of Broadcom by 5.5% in the 4th quarter. Diversified Trust Co now owns 182,266 shares of the semiconductor manufacturer's stock worth $42,257,000 after purchasing an additional 9,571 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC boosted its stake in Broadcom by 3.0% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer's stock worth $3,086,000 after purchasing an additional 386 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on AVGO. Bank of America dropped their target price on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley upped their price objective on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Mizuho decreased their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Finally, Citigroup dropped 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. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The shares were 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on 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 sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 over the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Price Performance

AVGO stock opened at $200.09 on Wednesday. The company has a market capitalization of $940.81 billion, a PE ratio of 163.21, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company's fifty day moving average price is $182.01 and its 200-day moving average price is $196.89. Broadcom Inc. has a one year low of $128.50 and a one year 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 Announces Dividend

The business 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 dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

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

Broadcom Company 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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