CGN Advisors LLC Has $4.24 Million Position in Broadcom Inc. (NASDAQ:AVGO)

CGN Advisors LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 15.2% during the 1st quarter, HoldingsChannel reports. The firm owned 25,343 shares of the semiconductor manufacturer’s stock after selling 4,526 shares during the quarter. CGN Advisors LLC’s holdings in Broadcom were worth $4,243,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in AVGO. Canton Hathaway LLC bought a new position in Broadcom during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in Broadcom during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter valued at about $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO stock opened at $248.71 on Tuesday. 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 50 day moving average price of $196.77 and a 200 day moving average price of $204.25. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. The stock has a market capitalization of $1.17 trillion, a PE ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.95%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 in the last quarter. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AVGO shares. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Mizuho boosted their price target on Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective on the stock. Finally, Bank of America decreased their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Three analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $238.77.

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.