Broadcom Inc. (NASDAQ:AVGO) Holdings Cut by Pinkerton Retirement Specialists LLC

Pinkerton Retirement Specialists LLC decreased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,714 shares of the semiconductor manufacturer's stock after selling 6,730 shares during the quarter. Broadcom makes up about 1.1% of Pinkerton Retirement Specialists LLC's holdings, making the stock its 22nd biggest position. Pinkerton Retirement Specialists LLC's holdings in Broadcom were worth $7,353,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at $26,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the 4th quarter valued at $32,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on AVGO shares. 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. Rosenblatt Securities restated a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Barclays cut their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Benchmark reissued a "buy" rating and set a $255.00 target price on shares of Broadcom in a research 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated 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 sale, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 over the last quarter. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $229.73 on Thursday. The firm's 50-day moving average is $189.30 and its 200-day moving average is $200.47. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market cap of $1.08 trillion, a price-to-earnings ratio of 187.38, a PEG ratio of 2.29 and a beta of 1.04.

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 paid 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 yield of 1.03%. Broadcom's payout ratio is currently 113.46%.

Broadcom declared that its board has approved a share 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 typically an indication that the company's leadership believes its shares are undervalued.

Broadcom Company 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.

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