Peapack Gladstone Financial Corp Sells 3,228 Shares of Broadcom Inc. (NASDAQ:AVGO)

Peapack Gladstone Financial Corp reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 138,706 shares of the semiconductor manufacturer’s stock after selling 3,228 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Broadcom were worth $32,157,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ruggaard & Associates LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $243,000. Darden Wealth Group Inc lifted its holdings in Broadcom by 16.3% during the fourth quarter. Darden Wealth Group Inc now owns 22,025 shares of the semiconductor manufacturer’s stock worth $5,106,000 after acquiring an additional 3,085 shares in the last quarter. MIG Capital LLC acquired a new position in Broadcom in the fourth quarter valued at about $356,000. Quadrant Capital Group LLC increased its holdings in shares of Broadcom by 0.7% in the fourth quarter. Quadrant Capital Group LLC now owns 50,118 shares of the semiconductor manufacturer’s stock worth $11,619,000 after acquiring an additional 332 shares in the last quarter. Finally, Cascades Capital Asset Management LLC acquired a new stake in shares of Broadcom during the fourth quarter worth about $295,000. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred 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 owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 745,976 shares of company stock valued at $138,632,902. Insiders own 2.00% of the company’s stock.

Broadcom Stock Down 5.0 %

Shares of AVGO opened at $146.29 on Friday. The firm has a market cap of $687.85 billion, a P/E ratio of 119.32, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The firm’s 50-day simple moving average is $201.57 and its 200 day simple moving average is $196.19.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.59 per share. 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 1.61%. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Morgan Stanley increased their target price on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Robert W. Baird raised their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. KeyCorp upped their target price 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. Bank of America lifted their price target on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

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.