Canal Capital Management LLC Reduces Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Canal Capital Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,672 shares of the semiconductor manufacturer's stock after selling 2,252 shares during the period. Broadcom comprises about 2.4% of Canal Capital Management LLC's portfolio, making the stock its 7th largest holding. Canal Capital Management LLC's holdings in Broadcom were worth $14,530,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Canton Hathaway LLC acquired a new position in shares of Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Sellwood Investment Partners LLC bought a new stake in Broadcom in the 4th quarter valued at about $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom during the 4th 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 approximately $35,000. 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. Barclays reduced their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday. Morgan Stanley increased their price target on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Benchmark restated a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Citigroup dropped their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and an average target price of $229.48.

Insider Activity

In related news, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The shares were 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 approximately $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $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 worth $131,065,542 in the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 4.3 %

Shares of AVGO traded up $7.30 during trading hours on Wednesday, reaching $176.88. The company's stock had a trading volume of 24,335,289 shares, compared to its average volume of 31,291,031. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $831.69 billion, a price-to-earnings ratio of 144.28, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a 50 day moving average of $185.99 and a two-hundred day moving average of $195.85. Broadcom Inc. has a 1-year low of $122.33 and a 1-year high of $251.88.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

Broadcom declared that its board has authorized a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

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.