Broadcom Inc. (NASDAQ:AVGO) is Capital Group Private Client Services Inc.’s 2nd Largest Position

Capital Group Private Client Services Inc. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,450,519 shares of the semiconductor manufacturer’s stock after selling 65,614 shares during the period. Broadcom accounts for approximately 5.2% of Capital Group Private Client Services Inc.’s portfolio, making the stock its 2nd largest holding. Capital Group Private Client Services Inc. owned approximately 0.05% of Broadcom worth $568,128,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division raised its position in shares of Broadcom by 21.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after buying an additional 3,707 shares in the last quarter. Wolff Financial Management LLC bought a new stake in Broadcom in the fourth quarter valued at approximately $244,000. Motive Wealth Advisors boosted its stake in shares of Broadcom by 1,076.5% during the fourth 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 period. Tidal Investments LLC increased its stake 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 worth $66,696,000 after buying an additional 350,485 shares during the period. Finally, Franchise Capital Ltd bought a new stake in Broadcom during the 4th quarter valued at $2,017,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction that occurred 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 directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 completion of the sale, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock worth $131,065,542 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AVGO shares. Mizuho cut their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Bank of America reduced their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday. Benchmark reiterated a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Truist Financial raised their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $231.28.

Broadcom Stock Down 2.1 %

Shares of NASDAQ:AVGO opened at $170.99 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a fifty day simple moving average of $191.12 and a two-hundred day simple moving average of $195.87. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The stock has a market capitalization of $803.99 billion, a price-to-earnings ratio of 139.47, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom announced that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

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.