Geller Advisors LLC Lowers Holdings in Broadcom Inc. (NASDAQ:AVGO)

Geller Advisors LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 31.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 12,458 shares of the semiconductor manufacturer’s stock after selling 5,724 shares during the quarter. Geller Advisors LLC’s holdings in Broadcom were worth $2,888,000 as of its most recent filing with the SEC.

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

Broadcom Stock Performance

Shares of Broadcom stock opened at $208.26 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88. The business’s fifty day simple moving average is $182.95 and its 200-day simple moving average is $197.33. The firm has a market cap of $979.23 billion, a PE ratio of 169.87, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.13%. Broadcom’s payout ratio is currently 113.46%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This 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 available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. 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. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AVGO shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Truist Financial lifted their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Barclays reduced their price objective 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, William Blair reiterated an “outperform” rating on shares of Broadcom 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $229.48.

About Broadcom

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.