Fred Alger Management LLC Sells 204,029 Shares of Broadcom Inc. (NASDAQ:AVGO)

Fred Alger Management LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,855,741 shares of the semiconductor manufacturer’s stock after selling 204,029 shares during the period. Broadcom comprises 3.2% of Fred Alger Management LLC’s portfolio, making the stock its 7th largest holding. Fred Alger Management LLC’s holdings in Broadcom were worth $662,075,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Canton Hathaway LLC bought a new position in Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter valued at $26,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the fourth quarter valued at $32,000. Bellevue Asset Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $33,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom during the 4th quarter worth about $35,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 2.4 %

AVGO opened at $204.81 on Thursday. 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 stock’s fifty day simple moving average is $182.12 and its 200 day simple moving average is $196.94. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The stock has a market cap of $963.01 billion, a PE ratio of 167.06, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom declared that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.15%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on the company. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Truist Financial boosted their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Finally, Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. 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 stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $229.48.

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.