Eight 31 Financial LLC Reduces Position in Broadcom Inc. (NASDAQ:AVGO)

Eight 31 Financial LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 20.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,650 shares of the semiconductor manufacturer’s stock after selling 700 shares during the quarter. Eight 31 Financial LLC’s holdings in Broadcom were worth $614,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canton Hathaway LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter worth approximately $26,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the 4th quarter worth $32,000. Bellevue Asset Management LLC bought a new stake in Broadcom during the 4th quarter valued at $33,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of Broadcom in the 4th quarter worth $35,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

AVGO opened at $192.31 on Friday. The firm has a 50 day moving average of $184.36 and a two-hundred day moving average of $196.02. The firm has a market capitalization of $904.23 billion, a PE ratio of 156.86, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $122.33 and a 12-month high of $251.88.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. Broadcom’s dividend payout ratio is presently 113.46%.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction of $5,839,500.00. Following the sale, the insider now 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 three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on AVGO. Rosenblatt Securities restated a “buy” rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Benchmark reissued a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Mizuho cut their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Finally, Bank of America decreased their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $229.48.

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.