Thornburg Investment Management Inc. trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,153,835 shares of the semiconductor manufacturer's stock after selling 451,873 shares during the quarter. Broadcom accounts for approximately 9.7% of Thornburg Investment Management Inc.'s holdings, making the stock its biggest holding. Thornburg Investment Management Inc. owned about 0.07% of Broadcom worth $731,185,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of AVGO. KFA Private Wealth Group LLC increased its stake in Broadcom by 2.5% in the 4th 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 holdings in Broadcom by 2.7% in the fourth quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer's stock valued at $391,000 after purchasing an additional 45 shares during the last quarter. Bryant Woods Investment Advisors LLC increased its position in shares of Broadcom by 3.5% in the fourth quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer's stock valued at $305,000 after buying an additional 45 shares in the last quarter. Marest Capital LLC raised its stake in shares of Broadcom by 1.0% during the 4th quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer's stock worth $1,052,000 after buying an additional 46 shares during the last quarter. Finally, Defined Wealth Management LLC grew its stake in 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 last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Broadcom Stock Down 1.7%
NASDAQ AVGO opened at $228.61 on Friday. 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 Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. The business has a 50 day moving average price of $187.08 and a two-hundred day moving average price of $199.41. The stock has a market cap of $1.07 trillion, a PE ratio of 186.47, a P/E/G ratio of 2.29 and a beta of 1.04.
Broadcom declared that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.
Insider Buying and Selling at Broadcom
In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 in the last 90 days. 2.00% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
AVGO has been the subject of a number of research reports. Mizuho cut their target price on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley increased their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Citigroup cut their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday, April 11th. Finally, Barclays decreased their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. 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 stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.
Check Out Our Latest Report on Broadcom
About Broadcom
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).
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