ProShare Advisors LLC Sells 717,151 Shares of Broadcom Inc. (NASDAQ:AVGO)

ProShare Advisors LLC lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,031,951 shares of the semiconductor manufacturer’s stock after selling 717,151 shares during the period. Broadcom accounts for approximately 2.7% of ProShare Advisors LLC’s investment portfolio, making the stock its 5th biggest holding. ProShare Advisors LLC’s holdings in Broadcom were worth $1,166,608,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom during the fourth quarter worth approximately $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom during the fourth quarter worth approximately $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was 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 approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 stock was 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 in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. 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 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. Citigroup cut their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Truist Financial lifted their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Bank of America decreased their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $229.48.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $232.12 on Thursday. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market cap of $1.09 trillion, a price-to-earnings ratio of 189.33, a PEG ratio of 2.29 and a beta of 1.04. The firm has a 50 day simple moving average of $185.35 and a 200 day simple moving average of $198.49.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

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

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.