Peapack Gladstone Financial Corp Has $32.16 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Peapack Gladstone Financial Corp cut its position in Broadcom Inc. (NASDAQ:AVGO) by 2.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 138,706 shares of the semiconductor manufacturer’s stock after selling 3,228 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Broadcom were worth $32,157,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. Canton Hathaway LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter valued at about $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom during the fourth quarter worth about $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom in the fourth quarter worth about $35,000. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. Mizuho decreased their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. TD Cowen boosted their target price on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Truist Financial increased their price target on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, KeyCorp increased their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Performance

AVGO stock opened at $146.29 on Friday. The firm has a market cap of $687.85 billion, a PE ratio of 119.32, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. 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 stock has a 50-day moving average price of $201.57 and a 200-day moving average price of $196.19. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.61%. Broadcom’s payout ratio is currently 113.46%.

Insider Buying and Selling at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now owns 113,050 shares in the company, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 745,976 shares of company stock valued at $138,632,902. 2.00% of the stock is currently owned by company insiders.

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.