Crescent Park Management L.P. Reduces Stake in Broadcom Inc. (NASDAQ:AVGO)

Crescent Park Management L.P. trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 17.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 209,073 shares of the semiconductor manufacturer’s stock after selling 44,460 shares during the period. Broadcom comprises 18.6% of Crescent Park Management L.P.’s portfolio, making the stock its biggest holding. Crescent Park Management L.P.’s holdings in Broadcom were worth $48,471,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Canton Hathaway LLC acquired a new stake in Broadcom during the 4th quarter worth about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the fourth quarter valued at approximately $26,000. JDM Financial Group LLC raised its holdings in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 172 shares during the period. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $32,000. Finally, Bellevue Asset Management LLC purchased a new position in Broadcom during the 4th quarter worth approximately $33,000. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on AVGO shares. JPMorgan Chase & Co. increased their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Bank of America increased their price objective on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Price Performance

NASDAQ AVGO opened at $168.52 on Wednesday. The stock has a market capitalization of $792.37 billion, a PE ratio of 137.46, a P/E/G ratio of 2.29 and a beta of 1.01. The stock has a 50-day simple moving average of $206.64 and a 200 day simple moving average of $196.54. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.40%. Broadcom’s payout ratio is 113.46%.

Insider Transactions at Broadcom

In related news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the completion of the transaction, the insider now directly owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 785,976 shares of company stock worth $147,912,102. Insiders own 2.00% of the company’s stock.

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.