Hancock Whitney Corp Lowers Stake in Broadcom Inc. (NASDAQ:AVGO)

Hancock Whitney Corp cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 238,254 shares of the semiconductor manufacturer's stock after selling 38,070 shares during the quarter. Broadcom comprises about 1.7% of Hancock Whitney Corp's holdings, making the stock its 10th largest position. Hancock Whitney Corp's holdings in Broadcom were worth $55,237,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Central Pacific Bank Trust Division increased its position in shares of Broadcom by 21.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock valued at $4,858,000 after purchasing an additional 3,707 shares during the last quarter. Wolff Financial Management LLC bought a new stake in Broadcom in the fourth quarter valued at $244,000. Motive Wealth Advisors lifted its holdings in Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock worth $1,066,000 after buying an additional 4,209 shares during the period. Tidal Investments LLC grew its stake in Broadcom by 969.3% in the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer's stock worth $66,696,000 after purchasing an additional 350,485 shares during the period. Finally, Franchise Capital Ltd bought a new stake in Broadcom during the fourth quarter worth about $2,017,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AVGO shares. Citigroup lowered their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Morgan Stanley lifted their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Mizuho lowered their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Stock Up 4.3 %

Shares of AVGO stock opened at $176.88 on Thursday. Broadcom Inc. has a fifty-two week low of $122.33 and a fifty-two week high of $251.88. The firm has a market capitalization of $831.69 billion, a PE ratio of 144.28, a P/E/G ratio of 2.29 and a beta of 1.05. 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's 50-day simple moving average is $185.99 and its 200-day simple moving average is $195.85.

Broadcom Announces Dividend

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

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

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the business's 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 directly owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm'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 sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 719,776 shares of company stock valued at $131,065,542. Corporate insiders own 2.00% of the company's stock.

About Broadcom

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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