Broadcom Inc. (NASDAQ:AVGO) Stock Position Lessened by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,567,576 shares of the semiconductor manufacturer’s stock after selling 31,886 shares during the quarter. Broadcom accounts for approximately 1.6% of Rockefeller Capital Management L.P.’s investment portfolio, making the stock its 10th biggest position. Rockefeller Capital Management L.P.’s holdings in Broadcom were worth $602,559,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Howard Capital Management Group LLC boosted its position in Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after buying an additional 2,908 shares during the period. Principal Financial Group Inc. raised its stake in shares of Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after acquiring an additional 6,540,800 shares in the last quarter. Invst LLC boosted its holdings in Broadcom by 928.6% in the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer’s stock valued at $522,000 after purchasing an additional 2,730 shares during the period. McIlrath & Eck LLC grew its stake in Broadcom by 793.3% during the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock worth $69,000 after purchasing an additional 357 shares in the last quarter. Finally, Passumpsic Savings Bank increased its holdings in Broadcom by 900.9% during the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock worth $2,743,000 after purchasing an additional 14,315 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Up 5.6 %

Shares of NASDAQ:AVGO opened at $181.94 on Friday. 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 stock has a market cap of $855.47 billion, a P/E ratio of 148.40, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The firm has a fifty day moving average price of $195.52 and a 200 day moving average price of $195.99.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

AVGO has been the subject of several recent research reports. William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Evercore ISI lifted their price target on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. KeyCorp increased their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Barclays raised their price objective on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, TD Cowen boosted their target price on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $231.68.

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.