Western Wealth Management LLC Has $6.57 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Western Wealth Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 70.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,328 shares of the semiconductor manufacturer's stock after selling 68,357 shares during the period. Broadcom accounts for about 2.0% of Western Wealth Management LLC's holdings, making the stock its 6th largest holding. Western Wealth Management LLC's holdings in Broadcom were worth $6,567,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after acquiring an additional 3,018,294 shares in the last quarter. FMR LLC raised its position in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Norges Bank bought a new position in shares of Broadcom in the 4th quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp raised its position in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Barclays decreased their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Mizuho reduced their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. 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. Finally, Morgan Stanley raised their price objective on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $229.48.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 in the last ninety days. Insiders own 2.00% of the company's stock.

Broadcom Stock Performance

AVGO stock opened at $230.53 on Friday. The company has a market cap of $1.08 trillion, a P/E ratio of 188.04, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88. 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 stock's fifty day moving average price is $190.02 and its 200-day moving average price is $200.90.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

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

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.

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