Faithward Advisors LLC Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Faithward Advisors LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,610 shares of the semiconductor manufacturer’s stock after selling 400 shares during the quarter. Broadcom makes up about 1.1% of Faithward Advisors LLC’s holdings, making the stock its 22nd largest position. Faithward Advisors LLC’s holdings in Broadcom were worth $6,169,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Central Pacific Bank Trust Division boosted its stake in shares of Broadcom by 21.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after buying an additional 3,707 shares during the period. Wolff Financial Management LLC purchased a new stake in Broadcom during the 4th quarter valued at approximately $244,000. Strait & Sound Wealth Management LLC lifted its position in Broadcom by 829.8% during the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after acquiring an additional 7,095 shares during the period. Motive Wealth Advisors grew its stake in shares of Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after purchasing an additional 4,209 shares during the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Broadcom by 969.3% in the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock valued at $66,696,000 after purchasing an additional 350,485 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 5.4 %

Shares of NASDAQ:AVGO opened at $154.14 on Tuesday. The company has a market capitalization of $724.76 billion, a P/E ratio of 125.73, a P/E/G ratio of 2.29 and a beta of 1.05. The stock’s fifty day simple moving average is $200.61 and its 200-day simple moving average is $196.34. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.53%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling

In related news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on Wednesday, March 26th. The stock was 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 directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 697,976 shares of company stock worth $127,336,102. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. TD Cowen increased their price target on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. 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. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Piper Sandler lifted their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $231.48.

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.