Zacks Investment Management Sells 418,150 Shares of Broadcom Inc. (NASDAQ:AVGO)

Zacks Investment Management lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 42.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 571,678 shares of the semiconductor manufacturer's stock after selling 418,150 shares during the period. Broadcom accounts for approximately 1.2% of Zacks Investment Management's holdings, making the stock its 17th biggest position. Zacks Investment Management's holdings in Broadcom were worth $132,538,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Central Pacific Bank Trust Division grew its position in Broadcom by 21.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock valued at $4,858,000 after buying an additional 3,707 shares in the last quarter. Wolff Financial Management LLC bought a new position in Broadcom during the 4th quarter valued at $244,000. Motive Wealth Advisors increased its position in shares of Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock valued at $1,066,000 after purchasing an additional 4,209 shares during the period. Tidal Investments LLC raised its stake in shares of Broadcom by 969.3% in the 3rd quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer's stock worth $66,696,000 after buying an additional 350,485 shares in the last quarter. Finally, Franchise Capital Ltd acquired a new stake in shares of Broadcom in the fourth quarter valued at $2,017,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Truist Financial raised their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Bank of America cut their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Citigroup cut their target price on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley raised their target price on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $231.28.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction on 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 owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 719,776 shares of company stock valued at $131,065,542. Insiders own 2.00% of the company's stock.

Broadcom Stock Down 2.1 %

AVGO traded down $3.62 during trading on Friday, hitting $170.99. The company had a trading volume of 22,452,143 shares, compared to its average volume of 31,393,581. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $803.99 billion, a PE ratio of 139.47, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The firm's 50-day moving average price is $189.84 and its 200 day moving average price is $195.90.

Broadcom Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.38%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Broadcom announced that its Board of Directors has authorized a share repurchase 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 usually a sign that the company's board of directors believes its stock is undervalued.

Broadcom Profile

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.