Glen Eagle Advisors LLC Decreases Stake in Broadcom Inc. (NASDAQ:AVGO)

Glen Eagle Advisors LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,312 shares of the semiconductor manufacturer’s stock after selling 1,469 shares during the period. Broadcom makes up about 1.3% of Glen Eagle Advisors LLC’s holdings, making the stock its 17th largest position. Glen Eagle Advisors LLC’s holdings in Broadcom were worth $7,723,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Canton Hathaway LLC acquired a new position in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC acquired a new position in Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC acquired a new position in shares of Broadcom during the 4th quarter valued at about $33,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Broadcom during the 4th quarter valued at about $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company’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 completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company’s stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Benchmark reiterated a “buy” rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Citigroup decreased their target price on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a report on Friday, April 11th. Finally, Barclays decreased their target price on Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $231.68 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business’s fifty day moving average price is $188.62 and its two-hundred day moving average price is $200.27. The firm has a market capitalization of $1.09 trillion, a PE ratio of 188.97, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88.

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

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is 113.46%.

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.