Sirios Capital Management L P Sells 6,369 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sirios Capital Management L P decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,127 shares of the semiconductor manufacturer’s stock after selling 6,369 shares during the quarter. Broadcom comprises 2.0% of Sirios Capital Management L P’s holdings, making the stock its 17th largest holding. Sirios Capital Management L P’s holdings in Broadcom were worth $10,926,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of AVGO. Coppell Advisory Solutions LLC lifted its stake in shares of Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock valued at $21,660,000 after buying an additional 86,884 shares in the last quarter. Mar Vista Investment Partners LLC lifted its position in Broadcom by 18.0% in the 4th quarter. Mar Vista Investment Partners LLC now owns 263,005 shares of the semiconductor manufacturer’s stock valued at $60,975,000 after acquiring an additional 40,140 shares in the last quarter. Oxford Wealth Group LLC boosted its stake in Broadcom by 131.4% during the 4th quarter. Oxford Wealth Group LLC now owns 3,240 shares of the semiconductor manufacturer’s stock valued at $751,000 after purchasing an additional 1,840 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. Finally, Quantessence Capital LLC purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $2,821,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

AVGO stock opened at $169.58 on Wednesday. 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 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. The firm’s fifty day moving average is $187.11 and its 200 day moving average is $195.98. Broadcom Inc. has a 52 week low of $122.33 and a 52 week high of $251.88.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.39%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. Mizuho cut their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley raised their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Barclays cut their price target on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Truist Financial increased their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.48.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company’s stock, valued at $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 ninety days. 2.00% of the stock is owned by insiders.

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.