Select Equity Group L.P. Has $2.33 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Select Equity Group L.P. decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 65.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 10,068 shares of the semiconductor manufacturer's stock after selling 19,397 shares during the period. Select Equity Group L.P.'s holdings in Broadcom were worth $2,334,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AVGO. Canton Hathaway LLC acquired a new position in Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $26,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $32,000. Bellevue Asset Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $33,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Broadcom stock traded up $1.05 during midday trading on Tuesday, reaching $231.68. 11,749,421 shares of the stock traded hands, compared to its average volume of 31,130,436. The firm has a fifty day moving average price of $187.81 and a two-hundred day moving average price of $200.05. The firm has a market cap of $1.09 trillion, a price-to-earnings ratio of 188.97, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is presently 113.46%.

Broadcom announced that its board has approved a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AVGO shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Truist Financial raised their price target 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 lowered their price target on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, March 7th. Finally, Morgan Stanley raised their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $229.48.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the business's 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 transaction, the director now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, 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 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.