Broadcom Inc. (NASDAQ:AVGO) is Snowden Capital Advisors LLC’s 9th Largest Position

Snowden Capital Advisors LLC decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 169,477 shares of the semiconductor manufacturer’s stock after selling 19,461 shares during the period. Broadcom accounts for 1.2% of Snowden Capital Advisors LLC’s investment portfolio, making the stock its 9th largest position. Snowden Capital Advisors LLC’s holdings in Broadcom were worth $39,292,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in Broadcom in the 4th quarter valued at $16,893,010,000. Price T Rowe Associates Inc. MD boosted its stake in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. GQG Partners LLC boosted its stake in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the period. Vanguard Group Inc. grew its position in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Broadcom by 27.4% in the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer’s stock worth $6,236,011,000 after acquiring an additional 5,783,988 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVGO. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Citigroup lowered their price objective 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. Finally, Barclays cut their target price on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $229.48.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the 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 transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom 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 sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $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 sold 719,776 shares of company stock valued at $131,065,542 over the last quarter. 2.00% of the stock is owned by company insiders.

Broadcom Stock Up 0.2%

Shares of NASDAQ:AVGO opened at $232.64 on Friday. The stock’s 50-day moving average is $186.31 and its 200 day moving average is $198.91. The company has a market cap of $1.09 trillion, a PE ratio of 189.76, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.01%. Broadcom’s dividend payout ratio is presently 113.46%.

Broadcom announced that its board has authorized a stock buyback plan 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 plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.