Northeast Financial Consultants Inc Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Northeast Financial Consultants Inc cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.3% in the 4th quarter, HoldingsChannel reports. The firm owned 91,067 shares of the semiconductor manufacturer’s stock after selling 5,062 shares during the quarter. Broadcom accounts for approximately 0.9% of Northeast Financial Consultants Inc’s investment portfolio, making the stock its 26th biggest holding. Northeast Financial Consultants Inc’s holdings in Broadcom were worth $21,113,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Canton Hathaway LLC purchased a new stake in Broadcom in the 4th quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $33,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO opened at $232.42 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The business has a 50-day simple moving average of $184.61 and a two-hundred day simple moving average of $198.26. The stock has a market cap of $1.09 trillion, a price-to-earnings ratio of 189.58, a PEG ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88.

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Truist Financial lifted their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Morgan Stanley boosted their price objective 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. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Citigroup dropped their target price on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, Mizuho dropped their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.