Wellspring Financial Advisors LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Wellspring Financial Advisors LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 57.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,206 shares of the semiconductor manufacturer’s stock after selling 5,693 shares during the quarter. Wellspring Financial Advisors LLC’s holdings in Broadcom were worth $975,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of AVGO. KFA Private Wealth Group LLC grew its holdings in Broadcom by 2.5% in the fourth quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock valued at $407,000 after purchasing an additional 42 shares during the period. Dakota Community Bank & Trust NA grew its stake in Broadcom by 2.7% in the 4th quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer’s stock valued at $391,000 after acquiring an additional 45 shares during the period. Bryant Woods Investment Advisors LLC increased its holdings in Broadcom by 3.5% in the 4th quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock worth $305,000 after acquiring an additional 45 shares in the last quarter. Marest Capital LLC raised its position in Broadcom by 1.0% during the fourth quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock worth $1,052,000 after acquiring an additional 46 shares during the period. Finally, Defined Wealth Management LLC lifted its holdings in Broadcom by 0.4% during the fourth quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer’s stock valued at $2,947,000 after purchasing an additional 47 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Down 5.0 %

Shares of NASDAQ:AVGO opened at $146.29 on Monday. The company has a market capitalization 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 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 price of $201.57 and a 200 day moving average price of $196.43. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. This trade represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 697,976 shares of company stock worth $127,336,102. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on AVGO. Robert W. Baird boosted their target price on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Citigroup boosted their price objective on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Susquehanna raised their target price on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. Benchmark reiterated a “buy” rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, TD Cowen raised their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $231.48.

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.