Fullcircle Wealth LLC Trims Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Fullcircle Wealth LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 10,005 shares of the semiconductor manufacturer’s stock after selling 1,806 shares during the quarter. Broadcom makes up 1.0% of Fullcircle Wealth LLC’s holdings, making the stock its 23rd largest position. Fullcircle Wealth LLC’s holdings in Broadcom were worth $2,359,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. increased its stake in Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after purchasing an additional 6,540,800 shares during the period. Bank of New Hampshire increased its position in Broadcom by 41.4% in the 4th quarter. Bank of New Hampshire now owns 820 shares of the semiconductor manufacturer’s stock valued at $190,000 after acquiring an additional 240 shares during the period. Regent Peak Wealth Advisors LLC raised its stake in 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 acquiring an additional 386 shares during the last quarter. Weaver Consulting Group lifted its position in Broadcom by 3.0% during the 4th quarter. Weaver Consulting Group now owns 2,847 shares of the semiconductor manufacturer’s stock worth $660,000 after acquiring an additional 84 shares during the period. Finally, Park National Corp OH grew its stake in shares of Broadcom by 8.9% in the 4th quarter. Park National Corp OH now owns 11,912 shares of the semiconductor manufacturer’s stock valued at $2,762,000 after purchasing an additional 974 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the subject of several analyst reports. Mizuho cut their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley raised their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Citigroup lowered their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Price Performance

AVGO stock opened at $204.81 on Thursday. The stock has a market capitalization of $963.01 billion, a price-to-earnings ratio of 167.06, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The stock’s fifty day simple moving average is $182.12 and its 200-day simple moving average is $196.94.

Broadcom Announces Dividend

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

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

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom 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 transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock worth $131,065,542 in the last 90 days. 2.00% of the stock is owned by company 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.