Crestline Management LP Has $5.19 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Crestline Management LP reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 79.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,372 shares of the semiconductor manufacturer's stock after selling 85,263 shares during the quarter. Crestline Management LP's holdings in Broadcom were worth $5,187,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of AVGO. Principal Financial Group Inc. increased its position in shares of Broadcom by 1,019.4% during the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after purchasing an additional 6,540,800 shares during the period. Bangor Savings Bank grew its holdings in shares of Broadcom by 3.1% in the 4th quarter. Bangor Savings Bank now owns 4,589 shares of the semiconductor manufacturer's stock worth $1,064,000 after purchasing an additional 140 shares during the last quarter. Bank of New Hampshire increased its position in shares of Broadcom by 41.4% during the 4th quarter. Bank of New Hampshire now owns 820 shares of the semiconductor manufacturer's stock worth $190,000 after purchasing an additional 240 shares in the last quarter. Diversified Trust Co lifted its holdings in Broadcom by 5.5% during the 4th quarter. Diversified Trust Co now owns 182,266 shares of the semiconductor manufacturer's stock valued at $42,257,000 after purchasing an additional 9,571 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC boosted its position in Broadcom by 3.0% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer's stock valued at $3,086,000 after buying an additional 386 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated 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 of the company's stock, valued at $4,695,300. The trade was a 3.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 719,776 shares of company stock worth $131,065,542. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Down 0.3 %

Broadcom stock opened at $200.09 on Wednesday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The company has a fifty day simple moving average of $182.01 and a 200 day simple moving average of $196.89. The company has a market cap of $940.81 billion, a P/E ratio of 163.21, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

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

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on AVGO shares. Citigroup cut their target price 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. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Mizuho lowered their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $229.48.

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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