Phoenix Financial Ltd. Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Phoenix Financial Ltd. lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 201,808 shares of the semiconductor manufacturer's stock after selling 7,823 shares during the period. Phoenix Financial Ltd.'s holdings in Broadcom were worth $46,791,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. F M Investments LLC lifted its holdings in Broadcom by 3.7% during the fourth quarter. F M Investments LLC now owns 315,109 shares of the semiconductor manufacturer's stock worth $73,055,000 after buying an additional 11,161 shares during the period. TRUE Private Wealth Advisors purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $271,000. APG Asset Management US Inc. boosted its stake in Broadcom by 0.8% in the 4th quarter. APG Asset Management US Inc. now owns 143,835 shares of the semiconductor manufacturer's stock worth $33,347,000 after purchasing an additional 1,126 shares in the last quarter. Fernwood Investment Management LLC grew its holdings in shares of Broadcom by 48.6% during the fourth quarter. Fernwood Investment Management LLC now owns 3,025 shares of the semiconductor manufacturer's stock valued at $701,000 after buying an additional 990 shares during the last quarter. Finally, APG Asset Management N.V. lifted its holdings in Broadcom by 609.4% in the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock valued at $980,500,000 after acquiring an additional 3,762,034 shares during the period. 76.43% of the stock is owned by institutional investors.

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Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent analyst reports. KeyCorp increased their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Truist Financial lifted 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. Morgan Stanley increased their target price 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. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Mizuho dropped their price target on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $231.68.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $4.51 during midday trading on Monday, reaching $177.43. 12,323,518 shares of the company traded hands, compared to its average volume of 31,291,717. The firm has a market capitalization of $834.27 billion, a price-to-earnings ratio of 144.72, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The firm's fifty day moving average price is $195.52 and its two-hundred 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 Announces Dividend

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

Broadcom declared that its board has authorized a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

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.