Broadcom Inc. (NASDAQ:AVGO) Shares Sold by New England Asset Management Inc.

New England Asset Management Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,555 shares of the semiconductor manufacturer's stock after selling 2,300 shares during the quarter. New England Asset Management Inc.'s holdings in Broadcom were worth $4,070,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in AVGO. Canton Hathaway LLC purchased a new stake in Broadcom in the fourth quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the 4th quarter worth approximately $26,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom in the fourth quarter worth approximately $33,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth $35,000. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Up 0.2%

Shares of AVGO traded up $0.52 during trading hours on Thursday, reaching $232.64. 18,765,991 shares of the company traded hands, compared to its average volume of 31,230,503. The stock's fifty day moving average price is $185.35 and its 200 day moving average price is $198.49. 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 market cap of $1.09 trillion, a price-to-earnings ratio of 189.76, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $251.88.

Broadcom declared that its board has initiated a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are 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 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 yield of 1.01%. Broadcom's dividend payout ratio is currently 113.46%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Bank of America dropped their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Truist Financial boosted their target price on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Mizuho reduced their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $229.48.

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.