Stonebrook Private Inc. Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Stonebrook Private Inc. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,382 shares of the semiconductor manufacturer’s stock after selling 2,076 shares during the quarter. Broadcom comprises 2.5% of Stonebrook Private Inc.’s investment portfolio, making the stock its 7th biggest holding. Stonebrook Private Inc.’s holdings in Broadcom were worth $9,594,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of AVGO. Canton Hathaway LLC bought a new position in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC bought a new position in Broadcom in the 4th quarter valued at about $33,000. Finally, Synergy Investment Management LLC bought a new position in Broadcom in the 4th quarter valued at about $35,000. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction on 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 completion of the sale, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on AVGO. Morgan Stanley increased their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Citigroup decreased their price target on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Rosenblatt Securities restated a “buy” rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $229.48.

Broadcom Stock Down 1.7%

AVGO opened at $228.61 on Friday. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. 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 firm has a market capitalization of $1.07 trillion, a P/E ratio of 186.47, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a fifty day moving average price of $187.08 and a 200-day moving average price of $199.41.

Broadcom declared that its board has initiated a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently disclosed 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 1.03%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend 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.