Baldwin Investment Management LLC Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Baldwin Investment Management LLC lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 79,404 shares of the semiconductor manufacturer’s stock after selling 1,974 shares during the quarter. Broadcom comprises approximately 2.4% of Baldwin Investment Management LLC’s holdings, making the stock its 2nd biggest holding. Baldwin Investment Management LLC’s holdings in Broadcom were worth $18,409,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Canton Hathaway LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at $26,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the 4th quarter valued at $32,000. Bellevue Asset Management LLC acquired a new stake in shares of Broadcom during the 4th quarter worth $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom in the fourth quarter worth $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was 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 in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $203.64 on Friday. 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 one year low of $127.51 and a one year high of $251.88. The business’s 50 day simple moving average is $182.21 and its 200 day simple moving average is $196.61. The stock has a market capitalization of $957.50 billion, a PE ratio of 166.10, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom declared that its Board of Directors has authorized a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced 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 1.16%. Broadcom’s payout ratio is 113.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVGO. Citigroup reduced their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Barclays reduced their price target on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Bank of America cut their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $229.48.

Broadcom 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.