Driehaus Capital Management LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Driehaus Capital Management LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 22.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,901 shares of the semiconductor manufacturer's stock after selling 2,053 shares during the period. Driehaus Capital Management LLC's holdings in Broadcom were worth $1,600,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional 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% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after buying an additional 18,845 shares in the last quarter. Wolff Financial Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth $244,000. Motive Wealth Advisors boosted its holdings in shares of Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock worth $1,066,000 after acquiring an additional 4,209 shares during the period. Nebula Research & Development LLC grew its holdings in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after buying an additional 14,399 shares in the last quarter. Finally, LVM Capital Management Ltd. MI grew its stake in Broadcom by 763.6% during the fourth quarter. LVM Capital Management Ltd. MI now owns 337,954 shares of the semiconductor manufacturer's stock valued at $78,351,000 after acquiring an additional 298,819 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the company's 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 completion of the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 in the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

AVGO traded up $0.49 during mid-day trading on Friday, reaching $208.26. 13,277,754 shares of the company traded hands, compared to its average volume of 31,261,064. The company's fifty day moving average price is $182.95 and its 200-day moving average price is $197.68. The stock has a market capitalization of $979.23 billion, a P/E ratio of 169.87, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88.

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

Broadcom Announces Dividend

The company also recently announced 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 1.13%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is 113.46%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Bank of America decreased their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Truist Financial increased their target price on shares of 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 given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.