Capital Market Strategies LLC Has $1.11 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Capital Market Strategies LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,616 shares of the semiconductor manufacturer's stock after selling 1,344 shares during the quarter. Broadcom makes up 0.7% of Capital Market Strategies LLC's holdings, making the stock its 29th largest holding. Capital Market Strategies LLC's holdings in Broadcom were worth $1,108,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Tallon Kerry Patrick bought a new position in shares of Broadcom in the fourth quarter worth about $357,000. Capital & Planning LLC increased its stake in Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after acquiring an additional 554 shares during the period. LaFleur & Godfrey LLC increased its stake in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after acquiring an additional 12,345 shares during the period. Brighton Jones LLC increased its stake in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. increased its stake in Broadcom by 147.7% during the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 3,017 shares of the semiconductor manufacturer's stock valued at $699,000 after acquiring an additional 1,799 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday. They set a "buy" rating and a $301.00 price objective on the stock. Truist Financial upped their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $238.77.

Broadcom Stock Down 1.0%

AVGO stock traded down $2.47 during trading hours on Friday, reaching $239.50. 27,045,094 shares of the stock were exchanged, compared to its average volume of 31,042,717. The firm's 50-day moving average is $195.38 and its 200-day moving average is $203.23. The company has a market cap of $1.13 trillion, a price-to-earnings ratio of 195.35, a PEG ratio of 2.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.99%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is 113.46%.

Broadcom announced that its board has authorized a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insider Activity

In related news, Director Justine Page sold 800 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 in the last quarter. Corporate insiders own 2.00% of the company's stock.

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.