DigitalBridge Group Inc. Decreases Stake in Broadcom Inc. (NASDAQ:AVGO)

DigitalBridge Group Inc. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 121,892 shares of the semiconductor manufacturer's stock after selling 42,289 shares during the period. Broadcom comprises approximately 2.1% of DigitalBridge Group Inc.'s holdings, making the stock its 17th biggest position. DigitalBridge Group Inc.'s holdings in Broadcom were worth $28,259,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the 4th quarter worth $26,000. Sellwood Investment Partners LLC bought a new stake in Broadcom during the fourth quarter valued at about $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated 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 trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68 % 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 valued at $131,065,542 over the last three months. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 0.2 %

AVGO traded up $0.49 during trading on Friday, hitting $208.26. 13,277,754 shares of the stock were exchanged, compared to its average volume of 31,261,064. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a 50 day simple moving average of $182.95 and a 200 day simple moving average of $197.50. The firm has a market cap of $979.23 billion, a price-to-earnings ratio of 169.87, 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.

Broadcom declared that its board has approved a stock 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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Analyst Ratings Changes

AVGO has been the topic of several recent analyst reports. Mizuho decreased their target price on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Benchmark reiterated a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Citigroup decreased their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Truist Financial upped their price objective on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Three 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.

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.