Night Owl Capital Management LLC Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Night Owl Capital Management LLC cut its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 48.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,591 shares of the semiconductor manufacturer's stock after selling 57,654 shares during the period. Broadcom comprises 1.8% of Night Owl Capital Management LLC's portfolio, making the stock its 20th largest holding. Night Owl Capital Management LLC's holdings in Broadcom were worth $14,047,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Regent Peak Wealth Advisors LLC raised its stake in Broadcom by 3.0% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer's stock valued at $3,086,000 after purchasing an additional 386 shares in the last quarter. RMR Wealth Builders increased its holdings in shares of Broadcom by 1.0% in the 4th quarter. RMR Wealth Builders now owns 70,370 shares of the semiconductor manufacturer's stock worth $16,315,000 after buying an additional 676 shares during the last quarter. Brookstone Capital Management lifted its holdings in shares of Broadcom by 0.5% in the 4th quarter. Brookstone Capital Management now owns 39,007 shares of the semiconductor manufacturer's stock valued at $9,043,000 after acquiring an additional 204 shares during the last quarter. Accelerate Investment Advisors LLC grew its position in Broadcom by 58.7% in the fourth quarter. Accelerate Investment Advisors LLC now owns 2,070 shares of the semiconductor manufacturer's stock worth $480,000 after acquiring an additional 766 shares in the last quarter. Finally, Bridge Creek Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth approximately $226,000. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $4.03 during midday trading on Friday, reaching $228.61. The company's stock had a trading volume of 22,996,350 shares, compared to its average volume of 31,203,212. 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 fifty day moving average of $187.08 and a 200 day moving average of $199.25. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88. The firm has a market capitalization of $1.07 trillion, a PE ratio of 186.47, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management 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 given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the company's 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 completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 720,576 shares of company stock worth $131,249,694. Insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AVGO shares. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Mizuho cut their target price on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Morgan Stanley lifted their target price on Broadcom from $246.00 to $260.00 and gave the stock 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 assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average 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.