Barrow Hanley Mewhinney & Strauss LLC Sells 2,461,392 Shares of Broadcom Inc. (NASDAQ:AVGO)

Barrow Hanley Mewhinney & Strauss LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 90.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 250,810 shares of the semiconductor manufacturer's stock after selling 2,461,392 shares during the period. Barrow Hanley Mewhinney & Strauss LLC's holdings in Broadcom were worth $58,148,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Regent Peak Wealth Advisors LLC raised its position in Broadcom by 3.0% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer's stock valued at $3,086,000 after purchasing an additional 386 shares in the last quarter. Tallon Kerry Patrick acquired a new position in Broadcom during the fourth quarter valued at approximately $357,000. Capital & Planning LLC raised its position in Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares in the last quarter. LaFleur & Godfrey LLC raised its position in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Finally, Harbor Investment Advisory LLC grew its stake in shares of Broadcom by 3.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 25,523 shares of the semiconductor manufacturer's stock worth $5,917,000 after buying an additional 733 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research reports. Benchmark reaffirmed a "buy" rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Bank of America reduced their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Barclays reduced their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Finally, Citigroup reduced their price objective 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. Three 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $229.48.

Broadcom Stock Up 2.9%

Shares of NASDAQ AVGO traded up $6.60 during trading on Tuesday, hitting $235.32. 6,425,148 shares of the company traded hands, compared to its average volume of 31,011,975. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. The firm has a market capitalization of $1.11 trillion, a price-to-earnings ratio of 192.00, a P/E/G ratio of 2.29 and a beta of 1.04. The business's fifty day moving average is $191.49 and its 200 day moving average is $201.86.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. 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 1.00%. Broadcom's dividend payout ratio is presently 113.46%.

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

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of Broadcom 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 sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 in the last quarter. 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.