LRI Investments LLC Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

LRI Investments LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,295 shares of the semiconductor manufacturer’s stock after selling 93 shares during the quarter. Broadcom accounts for approximately 0.4% of LRI Investments LLC’s holdings, making the stock its 27th largest position. LRI Investments LLC’s holdings in Broadcom were worth $4,937,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. KFA Private Wealth Group LLC raised its holdings in Broadcom by 2.5% in the 4th quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock worth $407,000 after purchasing an additional 42 shares during the period. Dakota Community Bank & Trust NA increased its position in Broadcom by 2.7% in the fourth quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer’s stock worth $391,000 after buying an additional 45 shares in the last quarter. Bryant Woods Investment Advisors LLC increased its position in Broadcom by 3.5% in the fourth quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock worth $305,000 after buying an additional 45 shares in the last quarter. Marest Capital LLC raised its stake in shares of Broadcom by 1.0% in the fourth quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock worth $1,052,000 after buying an additional 46 shares during the period. Finally, Defined Wealth Management LLC lifted its position in shares of Broadcom by 0.4% during the 4th quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer’s stock valued at $2,947,000 after buying an additional 47 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO stock opened at $208.26 on Monday. The stock has a 50 day moving average price of $182.95 and a 200 day moving average price of $197.68. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. 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 capitalization of $979.23 billion, a P/E ratio of 169.87, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.13%. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Broadcom declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Bank of America reduced their target price on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Truist Financial increased their price objective 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. Benchmark restated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $229.48.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is currently 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.