Ardmore Road Asset Management LP Has $18.78 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Ardmore Road Asset Management LP cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 67.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 81,000 shares of the semiconductor manufacturer’s stock after selling 169,000 shares during the period. Broadcom accounts for approximately 2.7% of Ardmore Road Asset Management LP’s portfolio, making the stock its 13th biggest holding. Ardmore Road Asset Management LP’s holdings in Broadcom were worth $18,779,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the fourth quarter worth $26,000. JDM Financial Group LLC raised its position in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 172 shares in the last quarter. Sellwood Investment Partners LLC bought a new position in shares of Broadcom in the fourth quarter valued at about $32,000. Finally, Bellevue Asset Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Up 0.7 %

Shares of AVGO stock opened at $168.52 on Wednesday. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. 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 firm has a 50 day moving average price of $206.64 and a two-hundred day moving average price of $196.54. The company has a market capitalization of $792.37 billion, a PE ratio of 137.46, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01.

Broadcom Announces Dividend

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

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 785,976 shares of company stock valued at $147,912,102 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Citigroup raised their target price on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Barclays boosted their price target on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. TD Cowen upped their price target on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Susquehanna boosted their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research report on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note 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 an average rating of “Moderate Buy” and a consensus price target of $231.48.

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.