Sit Investment Associates Inc. Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Sit Investment Associates Inc. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.6% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 509,836 shares of the semiconductor manufacturer’s stock after selling 60,371 shares during the period. Broadcom accounts for 2.7% of Sit Investment Associates Inc.’s portfolio, making the stock its 4th largest position. Sit Investment Associates Inc.’s holdings in Broadcom were worth $118,200,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in Broadcom by 5.7% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 227,074 shares of the semiconductor manufacturer’s stock worth $52,645,000 after buying an additional 12,302 shares during the last quarter. Katamaran Capital LLP bought a new position in Broadcom during the 4th quarter worth approximately $3,814,000. Mizuho Bank Ltd. boosted its stake in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock worth $174,000 after acquiring an additional 50 shares during the last quarter. Gladstone Capital Management LLP acquired a new position in Broadcom during the fourth quarter valued at approximately $13,725,000. Finally, Resona Asset Management Co. Ltd. acquired a new stake in Broadcom in the fourth quarter worth $306,526,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

AVGO opened at $146.29 on Friday. 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. The business has a 50 day moving average of $201.57 and a 200-day moving average of $195.95. The stock has a market cap of $687.85 billion, a price-to-earnings ratio of 119.32, a PEG ratio of 2.29 and a beta of 1.05.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.61%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is 113.46%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AVGO. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. JPMorgan Chase & Co. raised their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Piper Sandler boosted their price objective on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Bank of America raised their target price on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Insiders Place Their Bets

In other news, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the sale, the director now owns 113,050 shares in the company, valued at $26,606,317.50. The trade was a 29.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was 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 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. Insiders sold a total of 745,976 shares of company stock valued at $138,632,902 over the last ninety days. 2.00% of the stock is currently owned by company 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.