Monetary Management Group Inc. Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Monetary Management Group Inc. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,810 shares of the semiconductor manufacturer's stock after selling 2,200 shares during the period. Broadcom accounts for about 3.2% of Monetary Management Group Inc.'s investment portfolio, making the stock its 5th biggest holding. Monetary Management Group Inc.'s holdings in Broadcom were worth $12,243,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Broadcom during the 4th quarter worth $16,893,010,000. Franklin Resources Inc. raised 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 lifted its holdings in Broadcom by 200.0% in 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 period. Vanguard Group Inc. grew its position in Broadcom by 1.4% in the 4th 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 in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Broadcom by 1,019.4% during 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 period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated 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 in the company, valued at $95,564,585.40. This represents a 5.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the director now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company's stock.

Broadcom Trading Down 2.0 %

AVGO traded down $3.58 during mid-day trading on Monday, reaching $178.36. The stock had a trading volume of 25,312,472 shares, compared to its average volume of 31,342,019. The firm's fifty day simple moving average is $195.52 and its two-hundred day simple moving average is $196.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market capitalization of $838.64 billion, a P/E ratio of 145.48, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

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

Broadcom Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AVGO. KeyCorp upped their price target 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. Barclays raised their target price on Broadcom from $205.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Rosenblatt Securities restated a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Truist Financial raised their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Finally, Citigroup cut their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $231.68.

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.