Formidable Asset Management LLC Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Formidable Asset Management LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,304 shares of the semiconductor manufacturer's stock after selling 1,266 shares during the period. Broadcom makes up about 0.7% of Formidable Asset Management LLC's holdings, making the stock its 23rd largest holding. Formidable Asset Management LLC's holdings in Broadcom were worth $4,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Canton Hathaway LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter valued at $26,000. Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $33,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Down 0.8%

Broadcom stock traded down $1.81 during trading on Monday, reaching $228.72. The stock had a trading volume of 15,375,203 shares, compared to its average volume of 31,107,983. 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 52-week low of $128.50 and a 52-week high of $251.88. The stock has a market cap of $1.08 trillion, a PE ratio of 186.56, a P/E/G ratio of 2.29 and a beta of 1.04. The business has a 50 day moving average price of $190.82 and a 200 day moving average price of $201.55.

Broadcom announced that its board has approved a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.03%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the 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 transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade 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 worth $131,249,694 over the last ninety days. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on AVGO shares. Truist Financial boosted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Mizuho reduced their price target 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. Morgan Stanley boosted their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $229.48.

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.