Westwood Holdings Group Inc. Trims Position in Broadcom Inc. (NASDAQ:AVGO)

Westwood Holdings Group Inc. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 51,973 shares of the semiconductor manufacturer’s stock after selling 2,865 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Broadcom were worth $12,049,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new position in Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the 4th quarter worth approximately $26,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC purchased a new position in Broadcom during the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC purchased a new position in Broadcom during the 4th quarter worth approximately $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 in the last quarter. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Barclays dropped their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Citigroup dropped 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. Truist Financial raised their price objective 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. Finally, William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. 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.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $229.48.

Broadcom Stock Up 0.9%

NASDAQ AVGO opened at $230.63 on Tuesday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88. 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’s fifty day simple moving average is $187.81 and its 200-day simple moving average is $200.05. The firm has a market cap of $1.08 trillion, a PE ratio of 188.12, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom declared that its Board of Directors has approved a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The business 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. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. Broadcom’s dividend payout ratio is presently 113.46%.

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.