Broadcom Inc. (NASDAQ:AVGO) Shares Sold by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,289,753 shares of the semiconductor manufacturer's stock after selling 59,161 shares during the period. T. Rowe Price Investment Management Inc.'s holdings in Broadcom were worth $530,857,000 as of its most recent SEC filing.

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

Broadcom Stock Performance

Shares of AVGO stock traded up $4.16 during mid-day trading on Friday, hitting $192.31. 21,216,875 shares of the stock were exchanged, compared to its average volume of 31,284,361. Broadcom Inc. has a 12-month low of $122.33 and a 12-month high of $251.88. 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 has a market capitalization of $904.23 billion, a price-to-earnings ratio of 156.86, a P/E/G ratio of 2.29 and a beta of 1.05. The stock's fifty day simple moving average is $185.09 and its two-hundred day simple moving average is $195.94.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 1.23%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is 113.46%.

Broadcom declared that its board has authorized a share buyback 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 shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. 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 research note on Wednesday, April 16th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, Truist Financial lifted their target price on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $229.48.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom 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 transaction, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on 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 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 quarter, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is owned by insiders.

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.