Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Philadelphia Trust Co.

Philadelphia Trust Co. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 151,404 shares of the semiconductor manufacturer's stock after selling 21,248 shares during the period. Broadcom makes up about 2.6% of Philadelphia Trust Co.'s portfolio, making the stock its 8th largest holding. Philadelphia Trust Co.'s holdings in Broadcom were worth $35,102,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canton Hathaway LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the fourth quarter worth $26,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter valued at $32,000. Bellevue Asset Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $33,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm'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 sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on 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 transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

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Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research reports. Citigroup decreased their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday. Rosenblatt Securities restated a "buy" rating and issued a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Barclays boosted their price target on Broadcom from $205.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. KeyCorp lifted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $231.68.

Broadcom Price Performance

Shares of AVGO stock traded down $3.58 during mid-day trading on Monday, reaching $178.36. The stock had a trading volume of 25,706,227 shares, compared to its average volume of 31,343,073. Broadcom Inc. has a 12-month low of $119.76 and a 12-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. The business has a 50-day simple moving average of $195.52 and a 200 day simple moving average of $196.11. The company has a market cap of $838.64 billion, a P/E ratio of 145.48, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

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.