Woodline Partners LP Sells 5,638 Shares of Broadcom Inc. (NASDAQ:AVGO)

Woodline Partners LP reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 251,232 shares of the semiconductor manufacturer’s stock after selling 5,638 shares during the quarter. Woodline Partners LP’s holdings in Broadcom were worth $58,246,000 at the end of the most recent reporting period.

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

Broadcom Price Performance

Shares of AVGO stock opened at $230.63 on Tuesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The stock’s 50-day moving average is $187.81 and its 200 day moving average is $200.05. The company has a market cap of $1.08 trillion, a P/E ratio of 188.12, a PEG ratio of 2.29 and a beta of 1.04. 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 issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Broadcom announced that its Board of Directors has authorized a stock repurchase program 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 programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AVGO. Morgan Stanley increased their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Rosenblatt Securities restated a “buy” rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Truist Financial increased their price target on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value 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. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by corporate 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.