Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Pingora Partners LLC

by · The Cerbat Gem

Pingora Partners LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 42.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 520 shares of the semiconductor manufacturer’s stock after selling 380 shares during the quarter. Pingora Partners LLC’s holdings in Broadcom were worth $121,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Howard Capital Management Group LLC raised its holdings in shares of Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after purchasing an additional 2,908 shares during the period. Principal Financial Group Inc. raised its holdings in Broadcom by 1,019.4% in the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after buying an additional 6,540,800 shares during the period. Invst LLC lifted its position in Broadcom by 928.6% during the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer’s stock valued at $522,000 after buying an additional 2,730 shares in the last quarter. McIlrath & Eck LLC grew its stake in Broadcom by 793.3% during the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock worth $69,000 after buying an additional 357 shares during the period. Finally, Passumpsic Savings Bank increased its position in shares of Broadcom by 900.9% in the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock worth $2,743,000 after acquiring an additional 14,315 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 6.4 %

NASDAQ:AVGO opened at $188.15 on Friday. 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 stock has a 50 day moving average of $185.09 and a 200-day moving average of $195.94. The firm has a market capitalization of $884.67 billion, a PE ratio of 153.47, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $122.33 and a 52 week high of $251.88.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AVGO. Truist Financial increased their price target on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Mizuho lowered their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Barclays dropped their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday. KeyCorp upped their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Citigroup cut their price objective on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $229.48.

Check Out Our Latest Stock Report on AVGO

Insider Activity

In other news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction 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. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is currently owned by company insiders.

Broadcom Company Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO – Free Report).