Steel Grove Capital Advisors LLC Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Steel Grove Capital Advisors LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,716 shares of the semiconductor manufacturer’s stock after selling 862 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Broadcom were worth $1,093,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Howard Capital Management Group LLC boosted its holdings in Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after purchasing an additional 2,908 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of 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 valued at $1,238,966,000 after buying an additional 6,540,800 shares during the last quarter. Invst LLC grew its position in shares of Broadcom by 928.6% during the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer’s stock worth $522,000 after buying an additional 2,730 shares in the last quarter. McIlrath & Eck LLC increased its stake in shares of Broadcom by 793.3% in the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock worth $69,000 after buying an additional 357 shares during the last quarter. Finally, Passumpsic Savings Bank raised its holdings in Broadcom by 900.9% in the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock valued at $2,743,000 after acquiring an additional 14,315 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AVGO shares. Rosenblatt Securities restated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. KeyCorp lifted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Mizuho lowered their target price on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Bank of America decreased their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given 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 Stock Down 2.8 %

AVGO stock opened at $166.21 on Tuesday. The stock has a market capitalization of $781.51 billion, a price-to-earnings ratio of 135.57, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a 50-day moving average of $188.43 and a two-hundred day moving average of $196.17. Broadcom Inc. has a 52-week low of $120.05 and a 52-week high of $251.88. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

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

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, 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 transaction, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This trade represents a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 over the last three months. 2.00% of the stock is currently owned by 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.