Fiduciary Trust Co Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Fiduciary Trust Co cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 352,427 shares of the semiconductor manufacturer's stock after selling 5,531 shares during the quarter. Broadcom comprises about 1.1% of Fiduciary Trust Co's holdings, making the stock its 16th biggest holding. Fiduciary Trust Co's holdings in Broadcom were worth $81,707,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of AVGO. KFA Private Wealth Group LLC lifted its holdings in Broadcom by 2.5% during the fourth quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer's stock valued at $407,000 after purchasing an additional 42 shares in the last quarter. Dakota Community Bank & Trust NA grew its position in Broadcom by 2.7% in the 4th quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer's stock valued at $391,000 after acquiring an additional 45 shares during the last quarter. Bryant Woods Investment Advisors LLC increased its position in shares of Broadcom by 3.5% during the fourth quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer's stock worth $305,000 after acquiring an additional 45 shares during the period. Marest Capital LLC increased its stake in shares of Broadcom by 1.0% during the fourth quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer's stock valued at $1,052,000 after buying an additional 46 shares during the period. Finally, Defined Wealth Management LLC increased its holdings in shares of Broadcom by 0.4% in the 4th quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer's stock valued at $2,947,000 after acquiring an additional 47 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock valued at $131,065,542 over the last quarter. Company insiders own 2.00% of the company's stock.

Broadcom Stock Up 4.2%

Shares of AVGO traded up $9.37 during trading hours on Tuesday, reaching $230.95. 18,792,577 shares of the stock traded hands, compared to its average volume of 31,190,520. The company has a market cap of $1.09 trillion, a price-to-earnings ratio of 188.38, a PEG ratio of 2.29 and a beta of 1.04. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a fifty day simple moving average of $183.55 and a 200 day simple moving average of $198.02. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. Broadcom's payout ratio is presently 113.46%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVGO. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. 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 report on Friday, April 11th. Truist Financial upped their price objective on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Finally, Benchmark restated a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $229.48.

Broadcom 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.