Cohen & Steers Inc. Sells 307 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cohen & Steers Inc. lessened its position in Broadcom Inc. (NASDAQ:AVGO) by 5.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 4,996 shares of the semiconductor manufacturer’s stock after selling 307 shares during the period. Cohen & Steers Inc.’s holdings in Broadcom were worth $1,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Canton Hathaway LLC bought a new position in shares of Broadcom in the fourth quarter worth about $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter valued at approximately $26,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth approximately $33,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $35,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $178.36 on Tuesday. The stock has a 50-day simple moving average of $194.45 and a 200 day simple moving average of $196.15. The stock has a market capitalization of $838.64 billion, a price-to-earnings ratio of 145.48, a P/E/G ratio of 2.29 and a beta of 1.05. 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 Inc. has a 12-month low of $119.76 and a 12-month high of $251.88.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.32%. Broadcom’s payout ratio is 113.46%.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. Barclays upped their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Morgan Stanley upped 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. Citigroup decreased their target price on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Mizuho decreased their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $231.68.

Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred 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 approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Broadcom Company 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.