Scientech Research LLC Lowers Stake in Broadcom Inc. (NASDAQ:AVGO)

Scientech Research LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,088 shares of the semiconductor manufacturer's stock after selling 1,482 shares during the period. Broadcom makes up 0.6% of Scientech Research LLC's holdings, making the stock its 5th biggest holding. Scientech Research LLC's holdings in Broadcom were worth $2,107,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of AVGO. Canton Hathaway LLC bought a new position in Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter valued at about $32,000. Bellevue Asset Management LLC bought a new position in Broadcom in the fourth quarter valued at about $33,000. Finally, Synergy Investment Management LLC bought a new position in Broadcom in the fourth quarter valued at about $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Up 0.9%

Shares of NASDAQ:AVGO traded up $2.02 during mid-day trading on Monday, hitting $230.63. 15,321,285 shares of the company traded hands, compared to its average volume of 31,191,926. The stock has a market cap of $1.08 trillion, a P/E ratio of 188.12, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $251.88. The stock has a 50-day moving average price of $187.08 and a two-hundred day moving average price of $199.61.

Broadcom declared that its board has authorized a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.02%. Broadcom's dividend payout ratio is currently 113.46%.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. Bank of America dropped their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Barclays lowered their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Benchmark restated a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Truist Financial raised their price objective on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Finally, 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. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price 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.