Broadcom Inc. (NASDAQ:AVGO) Shares Sold by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 116,117 shares of the semiconductor manufacturer's stock after selling 22,570 shares during the quarter. Broadcom makes up approximately 0.9% of B. Riley Wealth Advisors Inc.'s holdings, making the stock its 12th largest position. B. Riley Wealth Advisors Inc.'s holdings in Broadcom were worth $26,920,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AVGO. Canton Hathaway LLC bought a new stake in Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Broadcom in the fourth quarter worth approximately $32,000. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Barclays lowered their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Morgan Stanley upped their price target on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, Mizuho upped their price target on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $236.27.

Broadcom Trading Up 0.9%

NASDAQ:AVGO traded up $2.05 during mid-day trading on Thursday, hitting $241.48. 13,370,832 shares of the stock traded hands, compared to its average volume of 30,976,203. The stock has a market capitalization of $1.14 trillion, a price-to-earnings ratio of 196.91, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88. The firm's 50 day moving average is $193.34 and its two-hundred day moving average is $202.36. 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 Announces Dividend

The firm also recently announced 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 0.98%. Broadcom's dividend payout ratio is 113.46%.

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by insiders.

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.