Ardmore Road Asset Management LP Reduces Stake in Broadcom Inc. (NASDAQ:AVGO)

Ardmore Road Asset Management LP lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 67.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 81,000 shares of the semiconductor manufacturer’s stock after selling 169,000 shares during the period. Broadcom comprises about 2.7% of Ardmore Road Asset Management LP’s holdings, making the stock its 13th largest position. Ardmore Road Asset Management LP’s holdings in Broadcom were worth $18,779,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Central Pacific Bank Trust Division increased its position in shares of Broadcom by 21.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after acquiring an additional 3,707 shares in the last quarter. Wolff Financial Management LLC purchased a new stake in Broadcom in the fourth quarter worth about $244,000. Strait & Sound Wealth Management LLC raised its stake in Broadcom by 829.8% during the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after acquiring an additional 7,095 shares during the period. Motive Wealth Advisors lifted its position in shares of Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after acquiring an additional 4,209 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Broadcom by 969.3% during the 3rd quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock valued at $66,696,000 after purchasing an additional 350,485 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVGO. Truist Financial boosted their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. TD Cowen boosted their price objective on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. KeyCorp raised their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Finally, Barclays boosted their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Price Performance

Shares of Broadcom stock opened at $168.52 on Wednesday. The stock has a market cap of $792.37 billion, a PE ratio of 137.46, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The company’s 50-day moving average price is $206.64 and its two-hundred day moving average price is $196.54. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.40%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares in the company, valued at $161,627,425.40. This represents a 5.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was 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. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 785,976 shares of company stock worth $147,912,102. 2.00% of the stock is owned by company insiders.

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.