Geller Advisors LLC Sells 5,724 Shares of Broadcom Inc. (NASDAQ:AVGO)

Geller Advisors LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 31.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,458 shares of the semiconductor manufacturer's stock after selling 5,724 shares during the period. Geller Advisors LLC's holdings in Broadcom were worth $2,888,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Broadcom in the 4th quarter valued at about $16,893,010,000. Price T Rowe Associates Inc. MD lifted its stake in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC lifted its stake in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Vanguard Group Inc. raised its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Finally, Franklin Resources Inc. lifted its position in Broadcom by 27.4% during the fourth quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock worth $6,236,011,000 after acquiring an additional 5,783,988 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 6.4%

AVGO traded up $13.38 during midday trading on Monday, hitting $221.58. 25,396,664 shares of the company were exchanged, compared to its average volume of 31,237,759. The firm has a market capitalization of $1.04 trillion, a P/E ratio of 180.74, a P/E/G 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 firm's 50 day moving average price is $182.95 and its 200-day moving average price is $197.68. 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 announced that its board has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.07%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is presently 113.46%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVGO. Rosenblatt Securities restated a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Mizuho dropped their price objective on 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 increased their target price on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Three investment 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's stock. According to MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and an average price target of $229.48.

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.