Obermeyer Wealth Partners Sells 5,860 Shares of Broadcom Inc. (NASDAQ:AVGO)

Obermeyer Wealth Partners lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 207,413 shares of the semiconductor manufacturer’s stock after selling 5,860 shares during the quarter. Broadcom makes up approximately 2.5% of Obermeyer Wealth Partners’ investment portfolio, making the stock its 12th largest holding. Obermeyer Wealth Partners’ holdings in Broadcom were worth $48,087,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Regent Peak Wealth Advisors LLC increased its position in shares of Broadcom by 3.0% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer’s stock valued at $3,086,000 after purchasing an additional 386 shares during the last quarter. RMR Wealth Builders increased its position in shares of Broadcom by 1.0% in the fourth quarter. RMR Wealth Builders now owns 70,370 shares of the semiconductor manufacturer’s stock worth $16,315,000 after purchasing an additional 676 shares during the last quarter. Czech National Bank grew its position in Broadcom by 6.8% in the fourth quarter. Czech National Bank now owns 1,012,619 shares of the semiconductor manufacturer’s stock worth $234,766,000 after acquiring an additional 64,370 shares in the last quarter. Boyce & Associates Wealth Consulting Inc. purchased a new position in shares of Broadcom during the 4th quarter valued at about $242,000. Finally, Threadgill Financial LLC bought a new position in shares of Broadcom during the 4th quarter valued at $225,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVGO. Barclays lowered their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Bank of America decreased their target price on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Morgan Stanley boosted their target price on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Finally, Benchmark reaffirmed a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $229.48.

Broadcom Stock Performance

NASDAQ AVGO opened at $221.58 on Tuesday. 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 cap of $1.04 trillion, a price-to-earnings ratio of 180.74, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The company has a 50 day moving average of $183.55 and a 200-day moving average of $198.02.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding 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 usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Broadcom

In other news, 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 approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock valued at $131,065,542 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

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.