Dorsal Capital Management LP Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Dorsal Capital Management LP lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 46.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 400,000 shares of the semiconductor manufacturer's stock after selling 350,000 shares during the quarter. Broadcom makes up about 2.2% of Dorsal Capital Management LP's investment portfolio, making the stock its 17th largest position. Dorsal Capital Management LP's holdings in Broadcom were worth $92,736,000 as of its most recent filing with the SEC.

• Broadcom Stock Gets a Lift on Hyperscaler Earnings & CapEx Boost

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in Broadcom by 1,019.4% during 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 purchasing an additional 6,540,800 shares during the last quarter. Bangor Savings Bank grew its position in Broadcom by 3.1% in the fourth quarter. Bangor Savings Bank now owns 4,589 shares of the semiconductor manufacturer's stock worth $1,064,000 after acquiring an additional 140 shares in the last quarter. Bank of New Hampshire grew its position in Broadcom by 41.4% in the fourth quarter. Bank of New Hampshire now owns 820 shares of the semiconductor manufacturer's stock worth $190,000 after acquiring an additional 240 shares in the last quarter. Diversified Trust Co raised its position in Broadcom by 5.5% during the fourth quarter. Diversified Trust Co now owns 182,266 shares of the semiconductor manufacturer's stock valued at $42,257,000 after purchasing an additional 9,571 shares during the period. Finally, Regent Peak Wealth Advisors LLC lifted its stake in shares of Broadcom by 3.0% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer's stock valued at $3,086,000 after purchasing an additional 386 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction on 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 transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 719,776 shares of company stock valued at $131,065,542. Insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.3 %

• MarketBeat Week in Review – 04/28 - 05/02

Broadcom stock opened at $200.09 on Wednesday. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. The stock has a market cap of $940.81 billion, a PE ratio of 163.21, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a 50-day moving average of $182.01 and a two-hundred day moving average of $196.89.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

• Broadcom: Buy, Hold, Sell? AI & Acquistions Paint Strong Picture

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors 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 1.18%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on AVGO shares. Rosenblatt Securities restated a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Truist Financial increased their price target on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $229.48.

View Our Latest Research Report on Broadcom

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.

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