Broadcom Inc. (NASDAQ:AVGO) Position Reduced by Desjardins Global Asset Management Inc.

Desjardins Global Asset Management Inc. cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 6,647 shares of the semiconductor manufacturer’s stock after selling 1,184 shares during the period. Broadcom comprises 0.8% of Desjardins Global Asset Management Inc.’s holdings, making the stock its 20th largest position. Desjardins Global Asset Management Inc.’s holdings in Broadcom were worth $7,420,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. RMR Wealth Builders lifted its position in Broadcom by 6.5% in the third quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock worth $5,284,000 after purchasing an additional 388 shares during the period. Czech National Bank lifted its position in Broadcom by 46.1% in the third quarter. Czech National Bank now owns 72,129 shares of the semiconductor manufacturer’s stock worth $59,909,000 after purchasing an additional 22,774 shares during the period. CI Investments Inc. lifted its holdings in shares of Broadcom by 89.4% during the third quarter. CI Investments Inc. now owns 137,520 shares of the semiconductor manufacturer’s stock valued at $114,221,000 after acquiring an additional 64,912 shares during the period. NatWest Group plc lifted its holdings in shares of Broadcom by 8.2% during the fourth quarter. NatWest Group plc now owns 8,298 shares of the semiconductor manufacturer’s stock valued at $9,263,000 after acquiring an additional 631 shares during the period. Finally, Rainsberger Wealth Advisors Inc. lifted its holdings in shares of Broadcom by 1.7% during the fourth quarter. Rainsberger Wealth Advisors Inc. now owns 2,155 shares of the semiconductor manufacturer’s stock valued at $2,405,000 after acquiring an additional 36 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Up 1.6 %

NASDAQ AVGO traded up $21.01 during trading on Tuesday, hitting $1,331.70. The stock had a trading volume of 1,099,423 shares, compared to its average volume of 2,949,606. The company has a market capitalization of $617.14 billion, a PE ratio of 48.76, a P/E/G ratio of 2.74 and a beta of 1.25. The company’s 50-day moving average price is $1,304.36 and its two-hundred day moving average price is $1,110.50. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $9.83 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 annualized dividend and a yield of 1.58%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Benchmark restated a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Evercore ISI assumed coverage on Broadcom in a research note on Tuesday. They issued an “outperform” rating and a $1,620.00 target price for the company. UBS Group raised their target price on Broadcom to $1,480.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Cantor Fitzgerald raised their target price on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Finally, TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and raised their target price for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,281.09.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the sale, the insider now owns 46,974 shares in the company, valued at approximately $61,957,296.78. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock worth $40,306,667 in the last 90 days. Corporate 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.