Adams Diversified Equity Fund Inc. Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Adams Diversified Equity Fund Inc. cut its position in Broadcom Inc. (NASDAQ:AVGO) by 3.1% during the 4th quarter, HoldingsChannel reports. The firm owned 284,200 shares of the semiconductor manufacturer’s stock after selling 9,000 shares during the quarter. Broadcom makes up about 2.5% of Adams Diversified Equity Fund Inc.’s investment portfolio, making the stock its 7th largest position. Adams Diversified Equity Fund Inc.’s holdings in Broadcom were worth $65,889,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the 4th quarter valued at about $26,000. Bellevue Asset Management LLC acquired a new position in Broadcom during the 4th quarter valued at about $33,000. Pin Oak Investment Advisors Inc. increased its stake in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares during the period. Finally, Synergy Investment Management LLC acquired a new position in Broadcom during the 4th quarter valued at about $35,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on AVGO shares. Rosenblatt Securities reissued a “buy” rating and set a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Truist Financial raised their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. TD Cowen raised their target price on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Robert W. Baird lifted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Benchmark reaffirmed a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Price Performance

NASDAQ AVGO opened at $190.54 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. The stock has a market capitalization of $895.91 billion, a PE ratio of 155.42, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a 50 day moving average price of $215.03 and a two-hundred day moving average price of $194.59. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is 113.46%.

Insider Activity

In other news, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction that occurred on 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 transaction, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This trade represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now directly owns 46,400 shares in the company, valued at $10,655,296. This trade represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 172,168 shares of company stock valued at $40,508,877 over the last 90 days. 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.