Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Shorepoint Capital Partners LLC

Shorepoint Capital Partners LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 5.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 118,372 shares of the semiconductor manufacturer’s stock after selling 7,044 shares during the period. Broadcom accounts for approximately 6.3% of Shorepoint Capital Partners LLC’s portfolio, making the stock its 2nd largest holding. Shorepoint Capital Partners LLC’s holdings in Broadcom were worth $27,443,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Geode Capital Management LLC lifted its stake in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC increased its position in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank acquired a new position in Broadcom during the fourth quarter valued at approximately $16,893,010,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the company’s stock in a transaction 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 directly owns 25,380 shares in the company, valued at approximately $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 SEC, which is accessible through this link. Also, 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 transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $192.31 on Friday. The company has a 50 day simple moving average of $184.36 and a 200-day simple moving average of $196.09. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 52-week low of $122.33 and a 52-week high of $251.88. The firm has a market capitalization of $904.23 billion, a price-to-earnings ratio of 156.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

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

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued 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 dividend yield of 1.23%. Broadcom’s dividend payout ratio is 113.46%.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. Benchmark restated a “buy” rating and set a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. KeyCorp lifted their price target 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. Truist Financial boosted their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Barclays decreased their price target on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, Citigroup dropped their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average 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.