DE Burlo Group Inc. Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

DE Burlo Group Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 37,685 shares of the semiconductor manufacturer's stock after selling 4,125 shares during the quarter. Broadcom comprises 1.2% of DE Burlo Group Inc.'s investment portfolio, making the stock its 26th largest holding. DE Burlo Group Inc.'s holdings in Broadcom were worth $8,737,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Norges Bank bought a new position in Broadcom in the 4th quarter worth approximately $16,893,010,000. Franklin Resources Inc. boosted its holdings in shares of Broadcom by 1,114.6% in the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock worth $3,849,270,000 after acquiring an additional 19,375,547 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the period. GQG Partners LLC grew its position in shares of Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Broadcom by 1.4% during 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 purchasing an additional 6,573,204 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In related news, Director Justine Page sold 800 shares of Broadcom 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 sale, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction on Monday, March 24th. The stock was 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 owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock worth $131,065,542 in the last 90 days. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Barclays reduced their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday. Benchmark reaffirmed 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 note on Friday, March 7th. Truist Financial boosted their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Finally, Mizuho lowered their price objective on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Trading Up 2.2 %

NASDAQ:AVGO opened at $192.31 on Friday. The firm has a market capitalization of $904.23 billion, a P/E ratio of 156.86, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $122.33 and a 52 week high of $251.88. 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 company has a fifty day moving average of $184.36 and a 200 day moving average of $196.02.

Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.23%. Broadcom's payout ratio 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.

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