Arnhold LLC Sells 37,471 Shares of Broadcom Inc. (NASDAQ:AVGO)

Arnhold LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 136,939 shares of the semiconductor manufacturer's stock after selling 37,471 shares during the period. Broadcom accounts for approximately 3.1% of Arnhold LLC's holdings, making the stock its 5th biggest position. Arnhold LLC's holdings in Broadcom were worth $31,748,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several analysts recently commented on AVGO shares. Morgan Stanley raised their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Benchmark reaffirmed a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Bank of America reduced their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $229.48.

Broadcom Stock Up 2.2 %

AVGO traded up $4.16 during trading hours on Friday, hitting $192.31. 21,216,875 shares of the company's stock were exchanged, compared to its average volume of 31,313,236. 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 1-year low of $122.33 and a 1-year high of $251.88. The stock's 50-day moving average is $184.36 and its two-hundred day moving average is $196.09. The stock has a market cap 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 Dividend Announcement

The company also recently announced 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. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. Broadcom's payout ratio is 113.46%.

Broadcom declared that its board has approved a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company's 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 owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 in the last quarter. Company insiders own 2.00% of the company's stock.

Broadcom Company 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.