Driehaus Capital Management LLC Sells 2,053 Shares of Broadcom Inc. (NASDAQ:AVGO)

Driehaus Capital Management LLC decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 22.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 6,901 shares of the semiconductor manufacturer’s stock after selling 2,053 shares during the quarter. Driehaus Capital Management LLC’s holdings in Broadcom were worth $1,600,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Wolff Financial Management LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $244,000. Motive Wealth Advisors grew its holdings in Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after acquiring an additional 4,209 shares during the last quarter. Nebula Research & Development LLC increased its position in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after acquiring an additional 14,399 shares during the period. Finally, LVM Capital Management Ltd. MI raised its stake in shares of Broadcom by 763.6% during the fourth quarter. LVM Capital Management Ltd. MI now owns 337,954 shares of the semiconductor manufacturer’s stock valued at $78,351,000 after acquiring an additional 298,819 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $208.26 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $979.23 billion, a PE ratio of 169.87, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The stock’s fifty day simple moving average is $182.95 and its two-hundred day simple moving average is $197.33. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88.

Broadcom Dividend Announcement

The company 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. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.13%. Broadcom’s dividend payout ratio (DPR) is 113.46%.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on AVGO. Morgan Stanley increased their price objective on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Bank of America cut their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $229.48.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % 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 valued at $131,065,542 in the last 90 days. 2.00% of the stock is currently owned by corporate 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.