Financial Insights Inc. Sells 7,455 Shares of Broadcom Inc. (NASDAQ:AVGO)

Financial Insights Inc. trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 72.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,780 shares of the semiconductor manufacturer's stock after selling 7,455 shares during the period. Financial Insights Inc.'s holdings in Broadcom were worth $645,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Canton Hathaway LLC acquired a new position in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter worth $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVGO. William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. KeyCorp raised their target price on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Susquehanna boosted their target price on shares of Broadcom from $250.00 to $280.00 and gave the stock a "positive" rating in a research report on Thursday. Truist Financial raised their price objective on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Finally, Bank of America lowered their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and a consensus target price of $238.77.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. 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. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock traded down $2.40 on Friday, hitting $239.57. 9,414,401 shares of the stock were exchanged, compared to its average volume of 28,827,730. The firm's 50 day moving average is $194.36 and its two-hundred day moving average is $202.79. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. The firm has a market capitalization of $1.13 trillion, a PE ratio of 195.72, a P/E/G ratio of 2.29 and a beta of 1.04. 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 Dividend Announcement

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

Broadcom declared that its Board of Directors has approved a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

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.