KP Management LLC Decreases Holdings in Broadcom Inc. (NASDAQ:AVGO)

KP Management LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 39.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,500 shares of the semiconductor manufacturer's stock after selling 43,500 shares during the quarter. Broadcom accounts for 4.9% of KP Management LLC's portfolio, making the stock its 2nd largest position. KP Management LLC's holdings in Broadcom were worth $15,649,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after acquiring an additional 18,845 shares during the last quarter. Central Pacific Bank Trust Division raised its holdings in shares of Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock valued at $4,858,000 after buying an additional 3,707 shares during the last quarter. Wolff Financial Management LLC bought a new stake in Broadcom during the 4th quarter worth about $244,000. Motive Wealth Advisors lifted its position in shares of Broadcom by 1,076.5% during the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock worth $1,066,000 after purchasing an additional 4,209 shares in the last quarter. Finally, Tidal Investments LLC lifted its holdings in Broadcom by 969.3% during the 3rd quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer's stock worth $66,696,000 after buying an additional 350,485 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Up 0.7 %

Shares of NASDAQ:AVGO traded up $1.30 during trading on Wednesday, hitting $192.47. 22,166,072 shares of the company were exchanged, compared to its average volume of 31,557,039. Broadcom Inc. has a fifty-two week low of $122.33 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. The firm has a fifty day moving average price of $182.92 and a two-hundred day moving average price of $196.21. The stock has a market cap of $904.98 billion, a price-to-earnings ratio of 156.99, a P/E/G ratio of 2.29 and a beta of 1.05.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. Broadcom's payout ratio is 113.46%.

Broadcom declared that its board has authorized a stock repurchase 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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Barclays lowered their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Mizuho lowered their target price 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 increased their price target on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus price target of $229.48.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated 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 directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68 % 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 link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 719,776 shares of company stock worth $131,065,542. Insiders own 2.00% of the company's stock.

About Broadcom

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.