Broadcom Inc. (NASDAQ:AVGO) Stock Holdings Trimmed by Nuveen Asset Management LLC

Nuveen Asset Management LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 2.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 38,995,837 shares of the semiconductor manufacturer’s stock after selling 828,713 shares during the quarter. Broadcom comprises approximately 2.6% of Nuveen Asset Management LLC’s investment portfolio, making the stock its 5th largest position. Nuveen Asset Management LLC’s holdings in Broadcom were worth $9,040,795,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Regent Peak Wealth Advisors LLC increased its position in Broadcom by 3.0% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer’s stock valued at $3,086,000 after buying an additional 386 shares in the last quarter. RMR Wealth Builders grew its stake in shares of Broadcom by 1.0% in the fourth quarter. RMR Wealth Builders now owns 70,370 shares of the semiconductor manufacturer’s stock worth $16,315,000 after acquiring an additional 676 shares during the last quarter. Brookstone Capital Management increased its holdings in shares of Broadcom by 0.5% during the fourth quarter. Brookstone Capital Management now owns 39,007 shares of the semiconductor manufacturer’s stock valued at $9,043,000 after acquiring an additional 204 shares in the last quarter. Accelerate Investment Advisors LLC raised its position in shares of Broadcom by 58.7% in the 4th quarter. Accelerate Investment Advisors LLC now owns 2,070 shares of the semiconductor manufacturer’s stock worth $480,000 after purchasing an additional 766 shares during the last quarter. Finally, Bridge Creek Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $226,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Mizuho cut their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. KeyCorp increased their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Three investment 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. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average price target of $229.48.

Broadcom Trading Up 4.9%

Shares of Broadcom stock opened at $232.42 on Wednesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The company’s fifty day simple moving average is $184.61 and its 200-day simple moving average is $198.26. 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 stock has a market capitalization of $1.09 trillion, a PE ratio of 189.58, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.02%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

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

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 719,776 shares of company stock valued at $131,065,542. Company insiders own 2.00% of the company’s stock.

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.