Virtue Capital Management LLC Sells 2,201 Shares of Broadcom Inc. (NASDAQ:AVGO)

Virtue Capital Management LLC lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 42.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,991 shares of the semiconductor manufacturer's stock after selling 2,201 shares during the period. Virtue Capital Management LLC's holdings in Broadcom were worth $693,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the stock. Tallon Kerry Patrick bought a new position in Broadcom during the fourth quarter worth $357,000. Capital & Planning LLC increased its holdings in Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after buying an additional 554 shares during the period. LaFleur & Godfrey LLC increased its holdings in Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after buying an additional 12,345 shares during the period. Lincoln Capital Corp raised its holdings in shares of Broadcom by 15.3% in the fourth quarter. Lincoln Capital Corp now owns 2,883 shares of the semiconductor manufacturer's stock valued at $668,000 after buying an additional 383 shares during the last quarter. Finally, Brighton Jones LLC raised its holdings in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction 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 the stock in a transaction on Wednesday, March 26th. The stock was 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 in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% 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.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Barclays dropped their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Benchmark reiterated a "buy" rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $236.27.

Broadcom Price Performance

Shares of AVGO stock traded down $4.15 during midday trading on Friday, reaching $237.82. 8,620,090 shares of the company were exchanged, compared to its average volume of 30,933,327. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The company has a market cap of $1.12 trillion, a P/E ratio of 193.88, a PEG ratio of 2.29 and a beta of 1.04. The company's 50 day moving average price is $194.36 and its two-hundred day moving average price is $202.79. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

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

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 0.99%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is presently 113.46%.

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.