Pullen Investment Management LLC Decreases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Pullen Investment Management LLC cut its position in Broadcom Inc. (NASDAQ:AVGO) by 7.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,909 shares of the semiconductor manufacturer’s stock after selling 231 shares during the quarter. Pullen Investment Management LLC’s holdings in Broadcom were worth $674,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Tallon Kerry Patrick bought a new position in Broadcom during the 4th quarter valued at $357,000. Capital & Planning LLC boosted its stake in Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC boosted its stake in Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after acquiring an additional 12,345 shares during the last quarter. West Branch Capital LLC boosted its stake in Broadcom by 9.8% during the 4th quarter. West Branch Capital LLC now owns 27,913 shares of the semiconductor manufacturer’s stock valued at $6,471,000 after acquiring an additional 2,495 shares during the last quarter. Finally, Eagle Wealth Strategies LLC boosted its stake in Broadcom by 2.8% during the 4th quarter. Eagle Wealth Strategies LLC now owns 2,831 shares of the semiconductor manufacturer’s stock valued at $656,000 after acquiring an additional 77 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on AVGO. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Mizuho reduced their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Benchmark restated a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Truist Financial raised their price target 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. Finally, Citigroup reduced their price target 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. Three equities research 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Stock Down 0.8%

Broadcom stock opened at $228.72 on Friday. The stock has a market cap of $1.08 trillion, a price-to-earnings ratio of 186.56, a PEG ratio of 2.29 and a beta of 1.04. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company’s 50-day moving average price is $190.82 and its two-hundred day moving average price is $201.42. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88.

Broadcom Announces Dividend

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

Broadcom announced that its board has authorized a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company’s stock.

Broadcom 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.