ProVise Management Group LLC Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

ProVise Management Group LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 51.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,160 shares of the semiconductor manufacturer’s stock after selling 1,250 shares during the quarter. ProVise Management Group LLC’s holdings in Broadcom were worth $269,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Pin Oak Investment Advisors Inc. lifted its position in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. Canton Hathaway LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $26,000. JDM Financial Group LLC lifted its position in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 172 shares in the last quarter. Finally, Bellevue Asset Management LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $33,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO stock opened at $195.57 on Thursday. The company has a market capitalization of $919.56 billion, a P/E ratio of 159.52, a PEG ratio of 2.29 and a beta of 1.01. The company has a 50-day simple moving average of $215.81 and a 200 day simple moving average of $194.61. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is currently 113.46%.

Insider Buying and Selling

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 45,000 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at $202,246,926.56. The trade was a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,738 shares of company stock valued at $43,395,200 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on AVGO shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Barclays boosted their target price on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Jefferies Financial Group boosted their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $231.48.

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.