MainStreet Investment Advisors LLC Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

MainStreet Investment Advisors LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,989 shares of the semiconductor manufacturer’s stock after selling 735 shares during the period. Broadcom comprises approximately 1.4% of MainStreet Investment Advisors LLC’s holdings, making the stock its 23rd biggest holding. MainStreet Investment Advisors LLC’s holdings in Broadcom were worth $9,735,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Norges Bank acquired a new position in Broadcom in the 4th quarter valued at about $16,893,010,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC grew its holdings in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after buying an additional 6,809,245 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Broadcom by 27.4% in the fourth quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer’s stock valued at $6,236,011,000 after buying an additional 5,783,988 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVGO has been the topic of a number of analyst reports. Benchmark restated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Truist Financial raised their price objective on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Bank of America lowered their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $229.48.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s 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 sale, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock valued at $131,065,542 over the last three months. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $232.42 on Wednesday. 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 company has a market cap of $1.09 trillion, a PE ratio of 189.58, a P/E/G ratio of 2.29 and a beta of 1.04. The company’s fifty day simple moving average is $184.61 and its 200-day simple moving average is $198.26. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors 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 annualized dividend and a yield of 1.02%. Broadcom’s dividend payout ratio is currently 113.46%.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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.