FineMark National Bank & Trust Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

FineMark National Bank & Trust lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 284,208 shares of the semiconductor manufacturer’s stock after selling 5,966 shares during the quarter. Broadcom accounts for approximately 2.3% of FineMark National Bank & Trust’s portfolio, making the stock its 7th largest position. FineMark National Bank & Trust’s holdings in Broadcom were worth $65,891,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVGO. Canton Hathaway LLC bought a new position in Broadcom in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth approximately $26,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom in the 4th quarter worth $33,000. Pin Oak Investment Advisors Inc. grew its position 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 purchasing an additional 135 shares during the period. Finally, Synergy Investment Management LLC bought a new stake in Broadcom during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Down 0.2 %

Shares of AVGO opened at $191.25 on Tuesday. 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 firm has a market cap of $899.25 billion, a P/E ratio of 156.00, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The business has a 50-day moving average of $213.70 and a 200 day moving average of $195.64.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Activity

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the transaction, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the transaction, the insider now directly owns 696,730 shares in the company, valued at $161,627,425.40. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,000 shares of company stock worth $21,494,560. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley raised their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Evercore ISI increased their price objective on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Barclays increased their price target on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $231.48.

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.