EP Wealth Advisors LLC Sells 48,826 Shares of Broadcom Inc. (NASDAQ:AVGO)

EP Wealth Advisors LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 902,292 shares of the semiconductor manufacturer's stock after selling 48,826 shares during the quarter. Broadcom accounts for approximately 1.7% of EP Wealth Advisors LLC's portfolio, making the stock its 13th largest position. EP Wealth Advisors LLC's holdings in Broadcom were worth $209,187,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new position in Broadcom in the 4th quarter valued at about $16,893,010,000. Price T Rowe Associates Inc. MD raised its stake in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC boosted its holdings in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings 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 valued at $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Down 0.3 %

Shares of NASDAQ AVGO opened at $200.09 on Wednesday. The stock has a market capitalization of $940.81 billion, a P/E ratio of 163.21, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. The firm's 50 day simple moving average is $182.01 and its two-hundred day simple moving average is $196.89. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Dividend Announcement

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

Broadcom declared that its Board of Directors has approved a stock repurchase plan 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 plans are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AVGO shares. Mizuho reduced 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. KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Truist Financial boosted their price objective on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Bank of America cut their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

Insider Transactions at Broadcom

In related 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 transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76 % 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. Company insiders own 2.00% of the company's stock.

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.

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