Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Cravens & Co Advisors LLC

Cravens & Co Advisors LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 23.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,422 shares of the semiconductor manufacturer’s stock after selling 2,856 shares during the quarter. Broadcom comprises about 1.7% of Cravens & Co Advisors LLC’s investment portfolio, making the stock its 12th biggest position. Cravens & Co Advisors LLC’s holdings in Broadcom were worth $2,184,000 as of its most recent SEC filing.

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

Broadcom Price Performance

Shares of AVGO stock opened at $178.95 on Wednesday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $841.41 billion, a price-to-earnings ratio of 145.96, a PEG ratio of 2.29 and a beta of 1.05. The firm’s 50 day moving average is $193.40 and its 200-day moving average is $196.03. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88.

Broadcom declared that its board has authorized a share 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 buy up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The stock was 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 owns 465,956 shares of the company’s stock, valued at $83,872,080. This trade represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 718,976 shares of company stock worth $130,917,542 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. 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 report on Friday, March 7th. Morgan Stanley lifted their price target on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Barclays boosted their price target on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Three investment 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.68.

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.