Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Tenere Capital LLC

Tenere Capital LLC cut its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 26.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,435 shares of the semiconductor manufacturer's stock after selling 24,242 shares during the period. Broadcom makes up about 4.1% of Tenere Capital LLC's portfolio, making the stock its 12th biggest holding. Tenere Capital LLC's holdings in Broadcom were worth $15,634,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In related 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 directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock worth $131,065,542 over the last three months. Company insiders own 2.00% of the company's stock.

Broadcom Trading Up 2.2 %

AVGO stock traded up $4.16 during trading on Friday, reaching $192.31. 21,216,875 shares of the stock were exchanged, compared to its average volume of 31,284,383. The firm 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 company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1 year low of $122.33 and a 1 year high of $251.88. The business has a 50 day moving average price of $184.36 and a 200-day moving average price of $196.02.

Broadcom declared that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.23%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Mizuho decreased their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, March 7th. Morgan Stanley raised their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Finally, KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a 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 MarketBeat, the stock presently 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.