Northeast Financial Consultants Inc Sells 5,062 Shares of Broadcom Inc. (NASDAQ:AVGO)

Northeast Financial Consultants Inc lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 5.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 91,067 shares of the semiconductor manufacturer’s stock after selling 5,062 shares during the quarter. Broadcom accounts for approximately 0.9% of Northeast Financial Consultants Inc’s investment portfolio, making the stock its 26th biggest position. Northeast Financial Consultants Inc’s holdings in Broadcom were worth $21,113,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Northwest Quadrant Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $304,000. Numerai GP LLC lifted its position in Broadcom by 82.7% during the fourth quarter. Numerai GP LLC now owns 3,051 shares of the semiconductor manufacturer’s stock worth $707,000 after purchasing an additional 1,381 shares during the period. Occudo Quantitative Strategies LP lifted its position in Broadcom by 406.8% during the fourth quarter. Occudo Quantitative Strategies LP now owns 25,045 shares of the semiconductor manufacturer’s stock worth $5,806,000 after purchasing an additional 20,103 shares during the period. OMERS ADMINISTRATION Corp lifted its position in Broadcom by 1.2% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 1,251,794 shares of the semiconductor manufacturer’s stock worth $290,216,000 after purchasing an additional 14,265 shares during the period. Finally, Meridiem Capital Partners LP bought a new stake in Broadcom during the fourth quarter worth about $31,504,000. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom 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 transaction of $120,578,041.60. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock worth $131,065,542 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $232.42 on Wednesday. The business has a 50 day moving average of $184.61 and a 200-day moving average of $198.26. Broadcom Inc. has a 1 year low of $128.50 and a 1 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 capitalization of $1.09 trillion, a P/E ratio of 189.58, a P/E/G ratio of 2.29 and a beta of 1.04.

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

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Barclays cut their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Citigroup cut their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Finally, Benchmark reaffirmed a “buy” rating and set a $255.00 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, twenty-five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $229.48.

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.