Bank of Hawaii Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Bank of Hawaii lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,140 shares of the semiconductor manufacturer's stock after selling 2,684 shares during the period. Bank of Hawaii's holdings in Broadcom were worth $6,756,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Broadcom in the 4th quarter valued at approximately $16,893,010,000. Franklin Resources Inc. boosted its stake in shares of Broadcom by 1,114.6% during the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock valued at $3,849,270,000 after purchasing an additional 19,375,547 shares in the last quarter. GQG Partners LLC grew its holdings in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after buying an additional 6,540,800 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

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Broadcom Price Performance

Shares of AVGO traded down $4.51 during trading hours on Monday, hitting $177.43. 12,323,518 shares of the stock were exchanged, compared to its average volume of 31,292,016. The stock's 50-day moving average price is $195.52 and its two-hundred day moving average price is $196.11. The company has a market cap of $834.27 billion, a price-to-earnings ratio of 144.72, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on AVGO shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Mizuho dropped their price objective on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Morgan Stanley upped their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, 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. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $231.68.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on 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 directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on 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 owns 38,798,721 shares in the company, valued at approximately $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. Corporate insiders own 2.00% of the company's stock.

About Broadcom

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.