Broadcom Inc. (NASDAQ:AVGO) Shares Sold by First Manhattan CO. LLC.

First Manhattan CO. LLC. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,309,118 shares of the semiconductor manufacturer's stock after selling 23,794 shares during the period. Broadcom makes up 1.6% of First Manhattan CO. LLC.'s investment portfolio, making the stock its 10th largest holding. First Manhattan CO. LLC.'s holdings in Broadcom were worth $540,287,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Canton Hathaway LLC acquired a new stake in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $33,000. Finally, Synergy Investment Management LLC acquired a new position in Broadcom during the fourth quarter worth approximately $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred 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 transaction, 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 can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company's stock, 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 sold 719,776 shares of company stock valued at $131,065,542 over the last three months. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and set a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Finally, Barclays cut their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $229.48.

Broadcom Trading Up 0.2 %

Broadcom stock traded up $0.49 during midday trading on Friday, hitting $208.26. 13,277,754 shares of the stock were exchanged, compared to its average volume of 31,261,064. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $979.23 billion, a PE ratio of 169.87, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a fifty day simple moving average of $182.95 and a two-hundred day simple moving average of $197.33.

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is currently 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.