Broadcom Inc. (NASDAQ:AVGO) Position Trimmed by Western Wealth Management LLC

Western Wealth Management LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 70.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 28,328 shares of the semiconductor manufacturer’s stock after selling 68,357 shares during the quarter. Broadcom accounts for about 2.0% of Western Wealth Management LLC’s holdings, making the stock its 6th largest position. Western Wealth Management LLC’s holdings in Broadcom were worth $6,567,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. KFA Private Wealth Group LLC lifted its position in Broadcom by 2.5% during the fourth quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock valued at $407,000 after purchasing an additional 42 shares in the last quarter. Bryant Woods Investment Advisors LLC lifted its position in shares of Broadcom by 3.5% in the fourth quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock valued at $305,000 after acquiring an additional 45 shares in the last quarter. Marest Capital LLC lifted its position in shares of Broadcom by 1.0% in the fourth quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock valued at $1,052,000 after acquiring an additional 46 shares in the last quarter. Register Financial Advisors LLC lifted its position in shares of Broadcom by 1.3% in the fourth quarter. Register Financial Advisors LLC now owns 3,693 shares of the semiconductor manufacturer’s stock valued at $856,000 after acquiring an additional 47 shares in the last quarter. Finally, SlateStone Wealth LLC lifted its position in shares of Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after acquiring an additional 47 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last ninety days. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on AVGO shares. Truist Financial boosted their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Benchmark restated a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Bank of America lowered their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, William Blair restated 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 issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Trading Up 0.3%

Shares of NASDAQ AVGO opened at $230.53 on Friday. The business’s 50 day moving average is $190.02 and its two-hundred day moving average is $200.90. 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 Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The stock has a market capitalization of $1.08 trillion, a P/E ratio of 188.04, a PEG ratio of 2.29 and a beta of 1.04.

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

Broadcom Announces Dividend

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

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.