Winslow Capital Management LLC Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

Winslow Capital Management LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 32.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,358,434 shares of the semiconductor manufacturer's stock after selling 2,089,688 shares during the quarter. Broadcom accounts for about 3.6% of Winslow Capital Management LLC's holdings, making the stock its 6th largest position. Winslow Capital Management LLC owned 0.09% of Broadcom worth $1,010,459,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Central Pacific Bank Trust Division lifted its stake in Broadcom by 21.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock worth $4,858,000 after purchasing an additional 3,707 shares during the period. Wolff Financial Management LLC acquired a new position in Broadcom during the fourth quarter worth $244,000. Strait & Sound Wealth Management LLC boosted its stake in shares of Broadcom by 829.8% in the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer's stock valued at $1,371,000 after purchasing an additional 7,095 shares in the last quarter. Motive Wealth Advisors grew its holdings in shares of Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock worth $1,066,000 after purchasing an additional 4,209 shares during the last quarter. Finally, Tidal Investments LLC increased its position in shares of Broadcom by 969.3% during the 3rd 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 in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Up 5.6 %

AVGO traded up $9.64 during mid-day trading on Friday, hitting $181.94. The stock had a trading volume of 33,932,459 shares, compared to its average volume of 31,364,653. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The firm has a market capitalization of $855.47 billion, a price-to-earnings ratio of 148.40, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock's fifty day simple moving average is $195.52 and its 200-day simple moving average is $196.11.

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 issued a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.30%. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent analyst reports. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Barclays boosted their price objective on Broadcom from $205.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Benchmark restated a "buy" rating and issued a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Mizuho reduced their price target on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. Finally, Morgan Stanley raised their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $231.68.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on 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 owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction 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 sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. 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.