Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Pinebridge Investments L.P.

Pinebridge Investments L.P. trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 781,722 shares of the semiconductor manufacturer's stock after selling 157,187 shares during the period. Broadcom comprises 1.4% of Pinebridge Investments L.P.'s holdings, making the stock its 10th largest position. Pinebridge Investments L.P.'s holdings in Broadcom were worth $181,234,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of AVGO. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom during the 4th quarter valued at $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter worth $32,000. Bellevue Asset Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom in the fourth quarter valued at about $35,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

Shares of AVGO traded up $4.16 during midday trading on Friday, hitting $192.31. The company's stock had a trading volume of 21,216,875 shares, compared to its average volume of 31,280,726. 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 one year low of $122.33 and a one year high of $251.88. The stock has a market capitalization of $904.23 billion, a price-to-earnings ratio of 156.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company's fifty day simple moving average is $185.09 and its two-hundred day simple moving average is $195.94.

Broadcom declared that its Board of Directors has approved a share repurchase 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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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%.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. This represents a 3.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred 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 sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Barclays reduced their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday. Morgan Stanley increased their target price on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Finally, William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Three research 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, the company has an average rating of "Moderate Buy" and a consensus target price of $229.48.

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.