Algert Global LLC Sells 3,993 Shares of Broadcom Inc. (NASDAQ:AVGO)

Algert Global LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 6.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,358 shares of the semiconductor manufacturer’s stock after selling 3,993 shares during the quarter. Algert Global LLC’s holdings in Broadcom were worth $13,066,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of AVGO. Alteri Wealth LLC bought a new position in shares of Broadcom during the fourth quarter worth approximately $9,638,000. AmeriServ Wealth Advisors bought a new position in Broadcom during the 4th quarter worth $214,000. Arrowroot Family Office LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $218,000. Aspire Growth Partners LLC acquired a new position in shares of Broadcom in the fourth quarter valued at about $800,000. Finally, Albar Capital Partners LLP bought a new position in Broadcom during the fourth quarter worth about $5,419,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on AVGO shares. Citigroup lowered their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Benchmark reaffirmed a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Bank of America decreased their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research note on Wednesday. Finally, Barclays decreased their target price on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $229.48.

Broadcom Stock Performance

Shares of AVGO opened at $203.64 on Friday. The stock has a 50-day moving average of $182.21 and a 200-day moving average of $196.61. Broadcom Inc. has a one year low of $127.51 and a one year high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market cap of $957.50 billion, a PE ratio of 166.10, a P/E/G ratio of 2.29 and a beta of 1.05.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is 113.46%.

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

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on 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 directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. Corporate insiders own 2.00% of the company’s stock.

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.