Beacon Pointe Advisors LLC Has $70.13 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Beacon Pointe Advisors LLC lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 302,512 shares of the semiconductor manufacturer's stock after selling 3,382 shares during the period. Broadcom comprises 0.8% of Beacon Pointe Advisors LLC's holdings, making the stock its 25th largest position. Beacon Pointe Advisors LLC's holdings in Broadcom were worth $70,134,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of AVGO. Vanguard Group Inc. lifted its stake in 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. Geode Capital Management LLC grew its position in Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after buying an additional 3,018,294 shares in the last quarter. FMR LLC raised its holdings in shares of Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $16,893,010,000. Finally, Price T Rowe Associates Inc. MD raised its position in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $192.31 on Monday. The firm's fifty day simple moving average is $184.36 and its 200 day simple moving average is $196.17. The firm has a market capitalization of $904.23 billion, a price-to-earnings ratio of 156.86, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a twelve month low of $122.33 and a twelve month high of $251.88. 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 firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. Broadcom's payout ratio is currently 113.46%.

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent research reports. Mizuho lowered their price target on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Benchmark restated a "buy" rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Bank of America dropped their price target on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Truist Financial lifted their price target on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus price target of $229.48.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % 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. Company 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.

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