Corebridge Financial Inc. Has $332.14 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Corebridge Financial Inc. decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 6.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,432,613 shares of the semiconductor manufacturer’s stock after selling 95,782 shares during the quarter. Broadcom makes up 1.8% of Corebridge Financial Inc.’s investment portfolio, making the stock its 6th biggest holding. Corebridge Financial Inc.’s holdings in Broadcom were worth $332,137,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in AVGO. Pin Oak Investment Advisors Inc. boosted its stake in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Canton Hathaway LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter worth approximately $26,000. JDM Financial Group LLC lifted its stake in Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 172 shares during the period. Finally, Bellevue Asset Management LLC acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $33,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 0.6 %

Broadcom stock opened at $191.66 on Monday. The stock has a market cap of $901.18 billion, a P/E ratio of 156.33, a PEG ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The firm’s fifty day moving average price is $214.38 and its 200-day moving average price is $195.37. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be issued a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.23%. Broadcom’s payout ratio is currently 113.46%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the transaction, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 20,168 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the completion of the sale, the insider now owns 321,660 shares of the company’s stock, valued at approximately $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 157,168 shares of company stock worth $37,108,677 over the last three months. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on AVGO shares. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Citigroup raised their price target on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. upped their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Morgan Stanley upped their price objective on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

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.