Evercore Wealth Management LLC Sells 3,623 Shares of Broadcom Inc. (NASDAQ:AVGO)

Evercore Wealth Management LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,197 shares of the semiconductor manufacturer's stock after selling 3,623 shares during the period. Evercore Wealth Management LLC's holdings in Broadcom were worth $10,247,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in Broadcom during the fourth quarter worth $16,893,010,000. Franklin Resources Inc. grew its holdings in shares of Broadcom by 1,114.6% in the 3rd quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer's stock worth $3,849,270,000 after purchasing an additional 19,375,547 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Broadcom by 46.9% during the 4th 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 purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC lifted its holdings in Broadcom by 200.0% during the 4th 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 during the last quarter. Finally, Vanguard Group Inc. boosted its position in Broadcom by 1.4% in the fourth 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. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. This trade represents a 3.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 2.2 %

AVGO traded up $4.16 during midday trading on Friday, reaching $192.31. 21,216,875 shares of the company were exchanged, compared to its average volume of 31,284,383. The stock has a market capitalization of $904.23 billion, a P/E ratio of 156.86, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a one year low of $122.33 and a one year high of $251.88. The stock's 50-day simple moving average is $184.36 and its 200 day simple moving average is $196.02. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom announced that its Board of Directors has approved a share repurchase 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is 113.46%.

Analyst Ratings Changes

Several analysts have recently weighed in on AVGO shares. Bank of America dropped their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Morgan Stanley boosted their price objective on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Citigroup reduced 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 assigned a buy rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $229.48.

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.