Corebridge Financial Inc. Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

Corebridge Financial Inc. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,432,613 shares of the semiconductor manufacturer's stock after selling 95,782 shares during the period. Broadcom accounts for about 1.8% of Corebridge Financial Inc.'s holdings, making the stock its 6th biggest position. Corebridge Financial Inc.'s holdings in Broadcom were worth $332,137,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of AVGO. Pin Oak Investment Advisors Inc. grew its stake in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Canton Hathaway LLC purchased a new position in Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the 4th quarter valued at $26,000. JDM Financial Group LLC raised its position in Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock worth $32,000 after buying an additional 172 shares during the last quarter. Finally, Bellevue Asset Management LLC acquired a new stake in shares of Broadcom in the 4th quarter worth $33,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. Rosenblatt Securities reissued a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Mizuho cut their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Susquehanna boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a "positive" rating in a research report on Friday, December 13th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Barclays raised their price objective on shares of Broadcom from $205.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus price target of $231.48.

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Broadcom Stock Down 1.6 %

NASDAQ AVGO traded down $2.99 on Tuesday, reaching $188.26. The company had a trading volume of 23,352,547 shares, compared to its average volume of 28,950,584. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The firm has a 50-day moving average of $213.70 and a 200-day moving average of $195.64. The firm has a market capitalization of $885.19 billion, a PE ratio of 153.56, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date is Thursday, March 20th. Broadcom's payout ratio is 113.46%.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 40,000 shares of the company's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the sale, the insider now directly owns 696,730 shares of the company's stock, valued at $161,627,425.40. This represents a 5.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now directly owns 46,400 shares of the company's stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,000 shares of company stock valued at $21,494,560 in the last quarter. 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.