Broadcom Inc. (NASDAQ:AVGO) is Eastover Investment Advisors LLC's 2nd Largest Position

Eastover Investment Advisors LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,381 shares of the semiconductor manufacturer's stock after selling 4,025 shares during the period. Broadcom makes up approximately 5.0% of Eastover Investment Advisors LLC's holdings, making the stock its 2nd biggest holding. Eastover Investment Advisors LLC's holdings in Broadcom were worth $10,444,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Broadcom during the fourth quarter worth $16,893,010,000. Price T Rowe Associates Inc. MD lifted its stake in 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 acquiring an additional 15,171,849 shares during the period. GQG Partners LLC grew 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 in the last quarter. Vanguard Group Inc. increased its position in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of Broadcom by 27.4% in the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock valued at $6,236,011,000 after purchasing an additional 5,783,988 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 1.0%

AVGO traded down $2.47 on Friday, hitting $239.50. The company had a trading volume of 27,045,094 shares, compared to its average volume of 31,042,717. 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 firm has a market cap of $1.13 trillion, a P/E ratio of 195.35, a PEG ratio of 2.29 and a beta of 1.04. The company's fifty day moving average price is $195.38 and its 200 day moving average price is $203.23. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88.

Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The business 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 annualized dividend and a yield of 0.99%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was 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 approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. 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.

Wall Street Analyst Weigh In

Several research firms have recently commented on AVGO. Morgan Stanley boosted their price target on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Citigroup reduced their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Bank of America dropped their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Benchmark reaffirmed a "buy" rating and issued a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday. They set a "buy" rating and a $301.00 target price on the stock. Three analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $238.77.

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.