Johnson Financial Group Inc. Sells 1,183 Shares of Broadcom Inc. (NASDAQ:AVGO)

Johnson Financial Group Inc. cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 3.2% in the fourth quarter, HoldingsChannel reports. The fund owned 35,330 shares of the semiconductor manufacturer’s stock after selling 1,183 shares during the period. Johnson Financial Group Inc.’s holdings in Broadcom were worth $7,817,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent research reports. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Mizuho decreased their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Benchmark reiterated a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley raised their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Finally, KeyCorp upped their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a 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 stock. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average target price of $229.48.

Insider Activity at Broadcom

In related news, 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 transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the 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 owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 719,776 shares of company stock worth $131,065,542. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ:AVGO opened at $192.31 on Friday. The stock 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. The firm has a fifty day simple moving average of $184.36 and a 200 day simple moving average of $196.02. Broadcom Inc. has a 1-year low of $122.33 and a 1-year high of $251.88.

Broadcom Dividend Announcement

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

Broadcom declared that its board has approved a stock buyback 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are 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.