Magnolia Capital Management Ltd. Sells 2,850 Shares of Broadcom Inc. (NASDAQ:AVGO)

Magnolia Capital Management Ltd. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 35.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,150 shares of the semiconductor manufacturer's stock after selling 2,850 shares during the quarter. Broadcom accounts for approximately 0.7% of Magnolia Capital Management Ltd.'s portfolio, making the stock its 27th largest holding. Magnolia Capital Management Ltd.'s holdings in Broadcom were worth $862,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Canton Hathaway LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $32,000. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Barclays lowered their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Bank of America lowered their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Finally, Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday. They issued a "buy" rating and a $301.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $238.77.

Broadcom Stock Down 1.0%

NASDAQ AVGO traded down $2.47 during mid-day trading on Friday, reaching $239.50. The stock had a trading volume of 27,045,094 shares, compared to its average volume of 30,873,614. The stock has a market cap of $1.13 trillion, a PE ratio of 195.35, a price-to-earnings-growth 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. The company has a fifty day moving average price of $195.38 and a 200 day moving average price of $203.43. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88.

Broadcom Dividend Announcement

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

Broadcom declared that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction 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 completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction on Monday, March 24th. The stock was 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 of the company's stock, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. Insiders own 2.00% of the company's stock.

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.