Concentric Capital Strategies LP Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Concentric Capital Strategies LP cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 22.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 54,556 shares of the semiconductor manufacturer’s stock after selling 15,664 shares during the quarter. Broadcom makes up approximately 0.6% of Concentric Capital Strategies LP’s investment portfolio, making the stock its 27th biggest holding. Concentric Capital Strategies LP’s holdings in Broadcom were worth $12,648,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $35,000. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm’s 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 sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was 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 valued at $131,065,542 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 0.3 %

Shares of AVGO opened at $200.09 on Wednesday. The stock’s 50-day moving average price is $182.01 and its 200-day moving average price is $196.89. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $940.81 billion, a price-to-earnings ratio of 163.21, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88.

Broadcom announced that its Board of Directors has approved 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.18%. Broadcom’s payout ratio is 113.46%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AVGO. Citigroup reduced their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Benchmark reissued a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Truist Financial upped their price objective on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, Morgan Stanley increased their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $229.48.

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.