Broadcom Inc. (NASDAQ:AVGO) is Capital Group Investment Management PTE. LTD.’s 2nd Largest Position

Capital Group Investment Management PTE. LTD. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 5.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 125,358 shares of the semiconductor manufacturer’s stock after selling 7,126 shares during the quarter. Broadcom accounts for approximately 5.5% of Capital Group Investment Management PTE. LTD.’s holdings, making the stock its 2nd largest holding. Capital Group Investment Management PTE. LTD.’s holdings in Broadcom were worth $29,063,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of AVGO. Canton Hathaway LLC purchased a new stake in Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the fourth quarter worth about $26,000. Sellwood Investment Partners LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC acquired a new stake in Broadcom during the 4th quarter valued at approximately $33,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This trade represents a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock valued at $131,065,542 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ:AVGO opened at $170.99 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a 50 day moving average price of $191.12 and a 200 day moving average price of $195.87. The stock has a market cap of $803.99 billion, a PE ratio of 139.47, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88.

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

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. Benchmark reaffirmed a “buy” rating and issued a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Citigroup reduced their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Morgan Stanley lifted their target price on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Finally, William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.28.

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.