Mirabaud Asset Management Ltd Trims Position in Broadcom Inc. (NASDAQ:AVGO)

Mirabaud Asset Management Ltd lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,212 shares of the semiconductor manufacturer’s stock after selling 2,566 shares during the quarter. Broadcom comprises about 2.0% of Mirabaud Asset Management Ltd’s holdings, making the stock its 20th largest position. Mirabaud Asset Management Ltd’s holdings in Broadcom were worth $4,290,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in AVGO. Russell Investments Group Ltd. lifted its position in Broadcom by 32.6% during the 4th quarter. Russell Investments Group Ltd. now owns 3,031,866 shares of the semiconductor manufacturer’s stock worth $703,681,000 after acquiring an additional 746,081 shares during the period. Ted Buchan & Co lifted its holdings in shares of Broadcom by 7.3% during the fourth quarter. Ted Buchan & Co now owns 12,228 shares of the semiconductor manufacturer’s stock worth $2,835,000 after purchasing an additional 836 shares during the period. Hemenway Trust Co LLC grew its position in Broadcom by 37.3% in the 4th quarter. Hemenway Trust Co LLC now owns 2,320 shares of the semiconductor manufacturer’s stock valued at $538,000 after buying an additional 630 shares during the last quarter. Wedbush Securities Inc. increased its stake in Broadcom by 1.5% in the 4th quarter. Wedbush Securities Inc. now owns 57,059 shares of the semiconductor manufacturer’s stock valued at $13,229,000 after buying an additional 828 shares during the period. Finally, Perennial Investment Advisors LLC raised its position in Broadcom by 8.6% during the 4th quarter. Perennial Investment Advisors LLC now owns 17,975 shares of the semiconductor manufacturer’s stock worth $4,167,000 after buying an additional 1,429 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the 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 transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 745,976 shares of company stock valued at $138,632,902. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVGO. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Evercore ISI boosted their target price on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, Piper Sandler increased their price objective on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Price Performance

NASDAQ:AVGO opened at $146.29 on Friday. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The firm has a market cap of $687.85 billion, a price-to-earnings ratio of 119.32, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company’s 50-day moving average is $201.57 and its two-hundred day moving average is $195.95. 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 company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.61%. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

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.