FineMark National Bank & Trust Trims Holdings in Broadcom Inc. (NASDAQ:AVGO)

FineMark National Bank & Trust reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 284,208 shares of the semiconductor manufacturer’s stock after selling 5,966 shares during the period. Broadcom comprises 2.3% of FineMark National Bank & Trust’s investment portfolio, making the stock its 7th largest position. FineMark National Bank & Trust’s holdings in Broadcom were worth $65,891,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Canton Hathaway LLC purchased a new position in Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter worth $26,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom in the 4th quarter worth about $33,000. Pin Oak Investment Advisors Inc. increased its stake in shares of 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 purchasing an additional 135 shares in the last quarter. Finally, Synergy Investment Management LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the transaction, the insider now directly owns 696,730 shares in the company, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now owns 113,050 shares in the company, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 92,000 shares of company stock worth $21,494,560 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Down 0.2 %

Shares of Broadcom stock opened at $191.25 on Tuesday. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The company’s fifty day simple moving average is $213.70 and its 200-day simple moving average is $195.64. 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 has a market capitalization of $899.25 billion, a PE ratio of 156.00, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVGO. JPMorgan Chase & Co. raised their price objective on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Benchmark restated a “buy” rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Truist Financial lifted their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $231.48.

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.