Strategic Global Advisors LLC Sells 7,168 Shares of Broadcom Inc. (NASDAQ:AVGO)

Strategic Global Advisors LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,508 shares of the semiconductor manufacturer’s stock after selling 7,168 shares during the period. Broadcom makes up approximately 2.1% of Strategic Global Advisors LLC’s investment portfolio, making the stock its 11th largest holding. Strategic Global Advisors LLC’s holdings in Broadcom were worth $11,246,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Strategic Wealth Partners Ltd. boosted its stake in Broadcom by 21.7% in the 4th quarter. Strategic Wealth Partners Ltd. now owns 88,932 shares of the semiconductor manufacturer’s stock worth $20,970,000 after purchasing an additional 15,855 shares during the period. Strive Asset Management LLC bought a new position in shares of Broadcom during the fourth quarter worth about $229,000. Stuart Chaussee & Associates Inc. raised its position in Broadcom by 113.6% in the 4th quarter. Stuart Chaussee & Associates Inc. now owns 470 shares of the semiconductor manufacturer’s stock valued at $109,000 after buying an additional 250 shares during the last quarter. Steadfast Capital Management LP acquired a new stake in Broadcom in the 4th quarter valued at approximately $63,223,000. Finally, Safeguard Investment Advisory Group LLC boosted its position in Broadcom by 5.9% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 9,737 shares of the semiconductor manufacturer’s stock worth $2,257,000 after acquiring an additional 546 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on AVGO shares. Truist Financial boosted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. Bank of America reduced their price objective on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Citigroup reduced their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Finally, Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Trading Down 1.7%

AVGO stock opened at $228.61 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88. The company has a market capitalization of $1.07 trillion, a PE ratio of 186.47, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company’s 50-day simple moving average is $187.08 and its 200 day simple moving average is $199.41. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Broadcom announced that its Board of Directors has authorized a stock 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

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.