Broadcom Inc. (NASDAQ:AVGO) Shares Sold by DigitalBridge Group Inc.

DigitalBridge Group Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 25.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 121,892 shares of the semiconductor manufacturer’s stock after selling 42,289 shares during the period. Broadcom comprises about 2.0% of DigitalBridge Group Inc.’s holdings, making the stock its 18th biggest holding. DigitalBridge Group Inc.’s holdings in Broadcom were worth $28,259,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Tallon Kerry Patrick acquired a new position in Broadcom during the fourth quarter worth about $357,000. Capital & Planning LLC lifted its stake in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after purchasing an additional 554 shares during the last quarter. LaFleur & Godfrey LLC raised its stake in shares of Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after acquiring an additional 12,345 shares during the period. Alpha Cubed Investments LLC raised its holdings in shares of Broadcom by 0.4% in the 4th quarter. Alpha Cubed Investments LLC now owns 16,767 shares of the semiconductor manufacturer’s stock valued at $3,887,000 after buying an additional 73 shares during the period. Finally, Transform Wealth LLC boosted its holdings in Broadcom by 5.5% in the fourth quarter. Transform Wealth LLC now owns 181,972 shares of the semiconductor manufacturer’s stock valued at $42,188,000 after purchasing an additional 9,505 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on AVGO shares. Morgan Stanley boosted their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Citigroup reduced 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, Bank of America lowered their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $229.48.

Broadcom Trading Down 0.8%

AVGO stock opened at $228.72 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88. The company has a market cap of $1.08 trillion, a price-to-earnings ratio of 186.56, a PEG 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. The business has a fifty day simple moving average of $190.82 and a 200-day simple moving average of $201.27.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s payout ratio is currently 113.46%.

Broadcom announced that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits 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 leadership believes its shares are undervalued.

Insider Activity

In other news, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 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.

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.