Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Covington Investment Advisors Inc.

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

Several other large investors also recently made changes to their positions in the company. Canton Hathaway LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth $26,000. Sellwood Investment Partners LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $33,000. Finally, Pin Oak Investment Advisors Inc. lifted its stake in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the company. Jefferies Financial Group raised their price target on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Evercore ISI upped their price objective on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. increased their target price on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report 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. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $171.99 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The firm 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. The stock’s 50-day simple moving average is $210.84 and its two-hundred day simple moving average is $195.72.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.37%. Broadcom’s payout ratio is 113.46%.

Insiders Place Their Bets

In other news, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares in the company, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,000 shares of company stock worth $27,334,060. 2.00% of the stock is currently owned by company insiders.

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.