Curi RMB Capital LLC Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Curi RMB Capital LLC decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 8.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,516 shares of the semiconductor manufacturer’s stock after selling 1,329 shares during the quarter. Curi RMB Capital LLC’s holdings in Broadcom were worth $3,365,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Central Pacific Bank Trust Division lifted its holdings in Broadcom by 21.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after purchasing an additional 3,707 shares in the last quarter. Wolff Financial Management LLC bought a new position in Broadcom in the 4th quarter worth $244,000. Motive Wealth Advisors increased its stake in Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after buying an additional 4,209 shares in the last quarter. Tidal Investments LLC raised its holdings in Broadcom by 969.3% during the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock valued at $66,696,000 after acquiring an additional 350,485 shares during the period. Finally, Franchise Capital Ltd purchased a new position in shares of Broadcom in the fourth quarter valued at about $2,017,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated Wednesday, March 26th. The shares were 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 approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09 % decrease in their ownership of the stock. 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 three months. 2.00% of the stock is owned by company insiders.

Broadcom Trading Down 2.1 %

AVGO opened at $170.99 on Friday. 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 stock’s fifty day moving average is $189.84 and its two-hundred day moving average is $196.07. The company has a market capitalization of $803.99 billion, a P/E ratio of 139.47, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $120.05 and a 52 week high of $251.88.

Broadcom announced that its Board of Directors has authorized 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 buy up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVGO. KeyCorp lifted 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. Benchmark reissued a “buy” rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Citigroup cut their target price 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. Truist Financial boosted their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.28.

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.