Formidable Asset Management LLC Sells 1,266 Shares of Broadcom Inc. (NASDAQ:AVGO)

Formidable Asset Management LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 6.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 18,304 shares of the semiconductor manufacturer’s stock after selling 1,266 shares during the period. Broadcom comprises 0.7% of Formidable Asset Management LLC’s investment portfolio, making the stock its 23rd biggest position. Formidable Asset Management LLC’s holdings in Broadcom were worth $4,244,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Tallon Kerry Patrick bought a new stake in shares of Broadcom during the 4th quarter valued at $357,000. Capital & Planning LLC raised its position in shares of Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC raised its position in shares of Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after acquiring an additional 12,345 shares during the last quarter. Alpha Cubed Investments LLC raised its position in shares of Broadcom by 0.4% during the 4th quarter. Alpha Cubed Investments LLC now owns 16,767 shares of the semiconductor manufacturer’s stock valued at $3,887,000 after acquiring an additional 73 shares during the last quarter. Finally, Transform Wealth LLC raised its position in shares of Broadcom by 5.5% during the 4th quarter. Transform Wealth LLC now owns 181,972 shares of the semiconductor manufacturer’s stock valued at $42,188,000 after acquiring an additional 9,505 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $228.72 on Friday. The firm has a market cap of $1.08 trillion, a PE ratio of 186.56, a PEG ratio of 2.29 and a beta of 1.04. 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 Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The company has a fifty day moving average price of $190.82 and a 200 day moving average price of $201.27.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is presently 113.46%.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 465,956 shares in the company, 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 720,576 shares of company stock valued at $131,249,694 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Mizuho dropped their target price on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley upped their target price on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. KeyCorp upped their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, Benchmark reiterated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Company 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.