Studio Investment Management LLC Has $5.09 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Studio Investment Management LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 7.0% during the 4th quarter, HoldingsChannel reports. The fund owned 21,962 shares of the semiconductor manufacturer’s stock after selling 1,655 shares during the quarter. Broadcom accounts for approximately 1.1% of Studio Investment Management LLC’s holdings, making the stock its 24th largest position. Studio Investment Management LLC’s holdings in Broadcom were worth $5,092,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after purchasing an additional 18,845 shares during the period. Wolff Financial Management LLC bought a new position in shares of Broadcom in the fourth quarter worth about $244,000. Motive Wealth Advisors lifted its holdings in shares of Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after acquiring an additional 4,209 shares during the last quarter. Nebula Research & Development LLC lifted its holdings in shares of Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after acquiring an additional 14,399 shares during the last quarter. Finally, TTP Investments Inc. lifted its holdings in shares of Broadcom by 71.7% in the fourth quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer’s stock worth $14,061,000 after acquiring an additional 25,330 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Barclays dropped their target price on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Truist Financial increased their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Benchmark reissued a “buy” rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, Citigroup dropped their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $229.48.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company’s stock, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly 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 disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $228.61 on Friday. The company has a market capitalization of $1.07 trillion, a PE ratio of 186.47, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a 50 day simple moving average of $187.08 and a two-hundred day simple moving average of $199.25. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.