Broadcom Inc. (NASDAQ:AVGO) Position Reduced by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,414,822 shares of the semiconductor manufacturer's stock after selling 133,648 shares during the quarter. Broadcom accounts for approximately 2.2% of Silvercrest Asset Management Group LLC's holdings, making the stock its biggest holding. Silvercrest Asset Management Group LLC's holdings in Broadcom were worth $328,012,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AVGO. Regent Peak Wealth Advisors LLC raised its holdings in Broadcom by 3.0% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer's stock worth $3,086,000 after purchasing an additional 386 shares in the last quarter. RMR Wealth Builders raised its holdings in 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 purchasing an additional 676 shares in the last quarter. Sovereign Financial Group Inc. raised its holdings in Broadcom by 15.1% in the 4th quarter. Sovereign Financial Group Inc. now owns 5,924 shares of the semiconductor manufacturer's stock worth $1,373,000 after purchasing an additional 778 shares in the last quarter. Accurate Wealth Management LLC raised its holdings in Broadcom by 6.8% in the 4th quarter. Accurate Wealth Management LLC now owns 18,743 shares of the semiconductor manufacturer's stock worth $4,206,000 after purchasing an additional 1,194 shares in the last quarter. Finally, Pines Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth $4,854,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO traded down $0.28 during mid-day trading on Tuesday, reaching $230.35. The stock had a trading volume of 4,971,972 shares, compared to its average volume of 31,088,542. The firm has a market cap of $1.08 trillion, a price-to-earnings ratio of 187.88, 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. The business has a fifty day moving average of $187.81 and a 200 day moving average of $200.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom declared that its board has authorized a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.02%. Broadcom's payout ratio is currently 113.46%.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 over the last three months. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AVGO has been the subject of several research reports. Citigroup decreased their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday, April 11th. Barclays dropped their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. William Blair reissued an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus price target of $229.48.

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.