Broadcom Inc. (NASDAQ:AVGO) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 12.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,031,951 shares of the semiconductor manufacturer’s stock after selling 717,151 shares during the period. Broadcom makes up about 2.7% of ProShare Advisors LLC’s holdings, making the stock its 5th largest holding. ProShare Advisors LLC owned about 0.11% of Broadcom worth $1,166,608,000 as of its most recent filing with the Securities and Exchange Commission.

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

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $232.12 on Thursday. 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 stock has a 50 day moving average price of $185.35 and a 200 day moving average price of $198.49. The stock has a market capitalization of $1.09 trillion, a PE ratio of 189.33, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued 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 payout ratio is presently 113.46%.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated 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 completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the company’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 sale, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Mizuho reduced their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Truist Financial increased their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Finally, Benchmark reiterated a “buy” rating and set a $255.00 price objective 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 given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $229.48.

Broadcom Company 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.