Broadcom Inc. (NASDAQ:AVGO) Position Cut by North Star Asset Management Inc.

North Star Asset Management Inc. trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 120,966 shares of the semiconductor manufacturer's stock after selling 2,109 shares during the quarter. Broadcom makes up about 1.2% of North Star Asset Management Inc.'s investment portfolio, making the stock its 24th largest holding. North Star Asset Management Inc.'s holdings in Broadcom were worth $28,045,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Invst LLC lifted its stake in Broadcom by 2.2% in the fourth quarter. Invst LLC now owns 3,091 shares of the semiconductor manufacturer's stock valued at $717,000 after buying an additional 67 shares during the last quarter. Cache Advisors LLC bought a new stake in shares of Broadcom during the fourth quarter valued at about $17,757,000. GF Fund Management CO. LTD. bought a new stake in shares of Broadcom during the fourth quarter valued at about $183,801,000. University of Texas Texas AM Investment Management Co. raised its stake in shares of Broadcom by 0.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 32,173 shares of the semiconductor manufacturer's stock valued at $7,459,000 after purchasing an additional 211 shares in the last quarter. Finally, Parr Mcknight Wealth Management Group LLC bought a new stake in shares of Broadcom during the fourth quarter valued at about $9,026,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 0.8%

Shares of AVGO opened at $228.72 on Friday. The business's 50-day moving average price is $190.82 and its 200 day moving average price is $201.27. The stock has a market capitalization of $1.08 trillion, a P/E ratio of 186.56, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom declared that its board has authorized a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared 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 dividend payout ratio is currently 113.46%.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom 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 transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on AVGO. Barclays cut 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. KeyCorp lifted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Mizuho cut their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Finally, Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Three equities research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $229.48.

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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