Advisors Asset Management Inc. Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Advisors Asset Management Inc. decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 19.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 253,015 shares of the semiconductor manufacturer’s stock after selling 60,779 shares during the period. Broadcom makes up 1.1% of Advisors Asset Management Inc.’s holdings, making the stock its 9th biggest holding. Advisors Asset Management Inc.’s holdings in Broadcom were worth $58,659,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Carlson Capital Management grew its position in Broadcom by 6.5% in the 4th quarter. Carlson Capital Management now owns 7,433 shares of the semiconductor manufacturer’s stock worth $1,723,000 after purchasing an additional 451 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Broadcom by 30.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,684,427 shares of the semiconductor manufacturer’s stock valued at $388,515,000 after buying an additional 395,521 shares in the last quarter. South Street Advisors LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $2,798,000. Custos Family Office LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $209,000. Finally, PDS Planning Inc lifted its stake in Broadcom by 15.5% in the 4th quarter. PDS Planning Inc now owns 24,458 shares of the semiconductor manufacturer’s stock worth $5,670,000 after purchasing an additional 3,276 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $194.50 on Tuesday. The company has a market capitalization of $914.53 billion, a P/E ratio of 158.65, a PEG ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The business has a 50 day simple moving average of $217.28 and a 200-day simple moving average of $194.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.21%. Broadcom’s dividend payout ratio is currently 113.46%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. TD Cowen raised their price target on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Bank of America raised their target price on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Evercore ISI raised their target price on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Truist Financial raised their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Insider Buying and Selling

In related news, CFO Kirsten M. Spears sold 12,570 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the transaction, the chief financial officer now owns 325,443 shares of the company’s stock, valued at approximately $74,728,221.66. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now directly owns 46,400 shares in the company, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,738 shares of company stock valued at $43,395,200 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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.