Creegan & Nassoura Financial Group LLC Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Creegan & Nassoura Financial Group LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,940 shares of the semiconductor manufacturer’s stock after selling 100 shares during the quarter. Broadcom makes up approximately 2.6% of Creegan & Nassoura Financial Group LLC’s investment portfolio, making the stock its 7th largest position. Creegan & Nassoura Financial Group LLC’s holdings in Broadcom were worth $3,927,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in AVGO. Norges Bank bought a new position in shares of Broadcom during the fourth quarter valued at approximately $16,893,010,000. Franklin Resources Inc. raised its holdings in Broadcom by 1,114.6% in the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer’s stock worth $3,849,270,000 after purchasing an additional 19,375,547 shares in the last quarter. GQG Partners LLC lifted its position in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the last quarter. Vanguard Group Inc. grew its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock worth $1,238,966,000 after buying an additional 6,540,800 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $170.99 on Monday. Broadcom Inc. has a 1 year low of $120.05 and a 1 year high of $251.88. The stock has a market capitalization of $803.99 billion, a P/E ratio of 139.47, a P/E/G ratio of 2.29 and a beta of 1.05. 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 company’s fifty day moving average is $189.84 and its two-hundred day moving average is $196.24.

Broadcom declared that its board has approved a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm 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. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.38%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares of the company’s stock, valued at $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock worth $131,065,542 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AVGO shares. William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Bank of America reduced their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Citigroup cut their target price on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Finally, Barclays boosted their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $231.28.

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.