Silvercrest Asset Management Group LLC Has $328.01 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Silvercrest Asset Management Group LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,414,822 shares of the semiconductor manufacturer’s stock after selling 133,648 shares during the period. Broadcom accounts for 2.2% of Silvercrest Asset Management Group LLC’s holdings, making the stock its biggest position. Silvercrest Asset Management Group LLC’s holdings in Broadcom were worth $328,012,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Raiffeisen Bank International AG bought a new stake in Broadcom in the 4th quarter valued at $157,060,000. Ratan Capital Management LP raised its position in shares of Broadcom by 20.6% in the fourth quarter. Ratan Capital Management LP now owns 79,610 shares of the semiconductor manufacturer’s stock valued at $18,457,000 after purchasing an additional 13,605 shares during the period. Redwood Financial Network Corp bought a new position in shares of Broadcom in the fourth quarter valued at about $432,000. Redwood Investment Management LLC lifted its stake in shares of Broadcom by 52.1% during the 4th quarter. Redwood Investment Management LLC now owns 5,700 shares of the semiconductor manufacturer’s stock worth $1,322,000 after buying an additional 1,952 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Broadcom during the 4th quarter worth about $10,280,000. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’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 transaction, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AVGO. Benchmark restated a “buy” rating and set a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Truist Financial lifted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Mizuho reduced 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. KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Finally, Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $229.48.

Broadcom Price Performance

Broadcom stock 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 debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. The firm has a market cap of $1.09 trillion, a P/E ratio of 189.76, a P/E/G ratio of 2.29 and a beta of 1.04.

Broadcom declared that its board has authorized a share buyback 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 repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

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.