Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Wexford Capital LP

Wexford Capital LP lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 31.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 986 shares of the semiconductor manufacturer’s stock after selling 443 shares during the period. Wexford Capital LP’s holdings in Broadcom were worth $229,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Triglav Skladi D.O.O. acquired a new position in shares of Broadcom in the 4th quarter valued at $29,364,000. Twinbeech Capital LP acquired a new position in shares of Broadcom in the 4th quarter valued at $71,514,000. Tairen Capital Ltd acquired a new position in shares of Broadcom in the 4th quarter valued at $440,000. Texas Bank & Trust Co acquired a new position in shares of Broadcom in the 4th quarter valued at $1,357,000. Finally, True Wealth Design LLC lifted its stake in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AVGO shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Benchmark reiterated a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Mizuho cut their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Morgan Stanley boosted their price objective on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Finally, William Blair reiterated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Three equities 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’s stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $229.48.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s 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 completion of the sale, the director now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.

Broadcom Stock Up 0.9%

Shares of NASDAQ AVGO opened at $230.63 on Tuesday. The stock has a market cap of $1.08 trillion, a PE ratio of 188.12, 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 business has a 50-day moving average price of $187.81 and a 200 day moving average price of $200.05.

Broadcom Dividend Announcement

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

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

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.