Rothschild Investment LLC Reduces Position in Broadcom Inc. (NASDAQ:AVGO)

Rothschild Investment LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,598 shares of the semiconductor manufacturer's stock after selling 1,542 shares during the quarter. Rothschild Investment LLC's holdings in Broadcom were worth $7,467,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Private Client Services LLC raised its holdings in shares of Broadcom by 28.8% in the 1st quarter. Private Client Services LLC now owns 4,209 shares of the semiconductor manufacturer's stock valued at $705,000 after purchasing an additional 940 shares in the last quarter. Welch Group LLC increased its holdings in Broadcom by 68.8% during the first quarter. Welch Group LLC now owns 28,464 shares of the semiconductor manufacturer's stock valued at $4,814,000 after buying an additional 11,601 shares during the period. First County Bank CT raised its stake in Broadcom by 1.4% in the first quarter. First County Bank CT now owns 12,068 shares of the semiconductor manufacturer's stock worth $2,021,000 after buying an additional 166 shares in the last quarter. Tompkins Financial Corp raised its stake in Broadcom by 7.3% in the first quarter. Tompkins Financial Corp now owns 1,073 shares of the semiconductor manufacturer's stock worth $180,000 after buying an additional 73 shares in the last quarter. Finally, Silvia Mccoll Wealth Management LLC lifted its holdings in Broadcom by 1.8% during the first quarter. Silvia Mccoll Wealth Management LLC now owns 5,530 shares of the semiconductor manufacturer's stock worth $926,000 after buying an additional 100 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO traded down $2.47 during mid-day trading on Friday, reaching $239.50. The company had a trading volume of 27,045,094 shares, compared to its average volume of 30,873,614. The stock has a market capitalization of $1.13 trillion, a P/E ratio of 195.35, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The stock has a 50 day moving average of $195.38 and a two-hundred day moving average of $203.23. 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 declared that its Board of Directors has authorized a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is 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 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%.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on AVGO. Mizuho boosted their price target on Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday. Truist Financial raised their price objective on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Morgan Stanley boosted their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Bank of America cut their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $238.77.

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.