Zacks Investment Management Trims Holdings in Broadcom Inc. (NASDAQ:AVGO)

Zacks Investment Management lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 42.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 571,678 shares of the semiconductor manufacturer's stock after selling 418,150 shares during the period. Broadcom comprises 1.2% of Zacks Investment Management's investment portfolio, making the stock its 17th biggest position. Zacks Investment Management's holdings in Broadcom were worth $132,538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the 4th quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the fourth quarter valued at approximately $26,000. Sellwood Investment Partners LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $32,000. Bellevue Asset Management LLC purchased a new stake in shares of Broadcom during the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on AVGO shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Truist Financial lifted 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. Bank of America dropped their price target on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday. KeyCorp boosted their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $231.28.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company'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 sale, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents 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 the SEC website. Also, Director Justine Page sold 800 shares of Broadcom 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 transaction, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. This trade represents a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock worth $131,065,542 over the last 90 days. Company insiders own 2.00% of the company's stock.

Broadcom Price Performance

NASDAQ:AVGO traded down $3.62 during trading hours on Friday, hitting $170.99. The company's stock had a trading volume of 22,452,143 shares, compared to its average volume of 31,339,754. Broadcom Inc. has a 52-week low of $120.05 and a 52-week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The business's 50-day moving average is $189.84 and its two-hundred day moving average is $196.07. The company has a market capitalization of $803.99 billion, a PE ratio of 139.47, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom Announces Dividend

The business also recently declared 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 1.38%. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan 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 plans are typically a sign that the company's board of directors believes its shares are undervalued.

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.