Broadcom Inc. (NASDAQ:AVGO) Stock Holdings Reduced by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 146,897 shares of the semiconductor manufacturer’s stock after selling 600 shares during the period. Broadcom accounts for 3.0% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 5th largest holding. Covington Investment Advisors Inc.’s holdings in Broadcom were worth $34,057,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Pin Oak Investment Advisors Inc. increased its stake in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares during the period. Canton Hathaway LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter worth about $26,000. JDM Financial Group LLC boosted its holdings in Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares in the last quarter. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom during the 4th quarter worth approximately $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the business’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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the transaction, the director now owns 113,050 shares in the company, valued at approximately $26,606,317.50. This trade represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 122,000 shares of company stock worth $27,334,060 in the last three months. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of a number of research reports. Robert W. Baird lifted their price target on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Truist Financial increased their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Bank of America raised their target price on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Price Performance

Shares of AVGO stock opened at $171.99 on Friday. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. 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 $210.84 and a two-hundred day moving average of $195.72. The company has a market capitalization of $808.69 billion, a P/E ratio of 140.29, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is currently 113.46%.

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.