Fortis Capital Advisors LLC Sells 4,640 Shares of Broadcom Inc. (NASDAQ:AVGO)

Fortis Capital Advisors LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 54.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,860 shares of the semiconductor manufacturer's stock after selling 4,640 shares during the period. Fortis Capital Advisors LLC's holdings in Broadcom were worth $895,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Howard Capital Management Group LLC lifted its stake in Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock valued at $524,000 after purchasing an additional 2,908 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after purchasing an additional 6,540,800 shares during the period. Invst LLC raised its position in Broadcom by 928.6% during the 3rd quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock worth $522,000 after purchasing an additional 2,730 shares during the last quarter. McIlrath & Eck LLC lifted its holdings in Broadcom by 793.3% during the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock worth $69,000 after buying an additional 357 shares during the period. Finally, Passumpsic Savings Bank raised its position in shares of Broadcom by 900.9% during the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock worth $2,743,000 after acquiring an additional 14,315 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

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Broadcom Price Performance

NASDAQ:AVGO traded down $3.58 during mid-day trading on Monday, hitting $178.36. 25,706,227 shares of the stock traded hands, compared to its average volume of 31,343,073. The business's 50-day moving average price is $195.52 and its 200 day moving average price is $196.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The company has a market cap of $838.64 billion, a PE ratio of 145.48, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom Announces Dividend

The firm 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 1.32%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is 113.46%.

Broadcom announced 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVGO. William Blair restated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. KeyCorp lifted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Barclays increased their price objective on shares of Broadcom from $205.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Finally, Truist Financial increased their price objective on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $231.68.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

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.