Beck Capital Management LLC Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Beck Capital Management LLC decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 50,030 shares of the semiconductor manufacturer’s stock after selling 184 shares during the period. Broadcom comprises approximately 3.1% of Beck Capital Management LLC’s holdings, making the stock its 4th largest position. Beck Capital Management LLC’s holdings in Broadcom were worth $11,599,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC raised its position in Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC lifted its holdings in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the period. Norges Bank bought a new position in shares of Broadcom during the 4th quarter worth $16,893,010,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated 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 sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 over the last 90 days. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AVGO shares. Citigroup lowered their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Barclays cut their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday. KeyCorp boosted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Finally, Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $169.58 on Wednesday. Broadcom Inc. has a 52 week low of $122.33 and a 52 week high of $251.88. The business’s 50 day moving average price is $187.11 and its 200 day moving average price is $195.98. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $797.36 billion, a P/E ratio of 138.32, a P/E/G ratio of 2.29 and a beta of 1.05.

Broadcom declared that its board has initiated a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid 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 1.39%. Broadcom’s payout ratio is currently 113.46%.

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.