Main Management ETF Advisors LLC Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Main Management ETF Advisors LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 8.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,680 shares of the semiconductor manufacturer’s stock after selling 960 shares during the quarter. Main Management ETF Advisors LLC’s holdings in Broadcom were worth $2,476,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Banco Bilbao Vizcaya Argentaria S.A. increased its position 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 worth $120,070,000 after acquiring an additional 18,845 shares during the period. Wolff Financial Management LLC acquired a new position in Broadcom during the 4th quarter worth $244,000. Motive Wealth Advisors increased 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 purchasing an additional 4,209 shares during the period. Nebula Research & Development LLC raised 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 purchasing an additional 14,399 shares in the last quarter. Finally, TTP Investments Inc. boosted its stake in shares of Broadcom by 71.7% in the 4th quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer’s stock valued at $14,061,000 after buying an additional 25,330 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent research reports. KeyCorp upped their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Citigroup dropped their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Benchmark reaffirmed a “buy” rating and set a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $229.48.

Broadcom Price Performance

Broadcom stock opened at $232.42 on Wednesday. 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 business has a 50 day simple moving average of $184.61 and a 200-day simple moving average of $198.26. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The stock has a market capitalization of $1.09 trillion, a PE ratio of 189.58, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom Dividend Announcement

The company also recently announced 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 (DPR) is presently 113.46%.

Broadcom declared that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred 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 sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following 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 disclosure for this sale can be found here. In the last quarter, insiders sold 719,776 shares of company stock worth $131,065,542. Company insiders own 2.00% of the company’s stock.

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.