Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Alberta Investment Management Corp

Alberta Investment Management Corp lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 104,778 shares of the semiconductor manufacturer’s stock after selling 1,602 shares during the period. Alberta Investment Management Corp’s holdings in Broadcom were worth $24,292,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in AVGO. Pin Oak Investment Advisors Inc. raised its holdings in shares of 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 buying an additional 135 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at $37,000. R Squared Ltd acquired a new position in shares of Broadcom in the 4th quarter valued at $39,000. JDM Financial Group LLC raised its stake in Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 172 shares during the last quarter. Finally, Asset Planning Inc acquired a new stake in Broadcom during the 4th quarter worth about $46,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Barclays increased their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Jefferies Financial Group increased their price target on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Truist Financial lifted their price objective on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Bank of America raised their target price on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

Insider Activity

In related news, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom 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 sale, the director now directly owns 46,400 shares in the company, valued at approximately $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 191,278 shares of company stock worth $44,964,800 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

Broadcom stock opened at $218.61 on Friday. 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 company’s fifty day moving average price is $230.09 and its 200 day moving average price is $189.79. The stock has a market capitalization of $1.02 trillion, a P/E ratio of 178.32, a P/E/G ratio of 2.39 and a beta of 1.02. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.98 EPS. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.08%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 191.87%.

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.