Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Vestcor Inc

Vestcor Inc trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 29.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 129,068 shares of the semiconductor manufacturer's stock after selling 54,498 shares during the period. Broadcom comprises about 1.0% of Vestcor Inc's holdings, making the stock its 11th biggest position. Vestcor Inc's holdings in Broadcom were worth $29,923,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mascoma Wealth Management LLC boosted its position in Broadcom by 17.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 1,604 shares of the semiconductor manufacturer's stock worth $372,000 after purchasing an additional 244 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Broadcom by 17.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 659,734 shares of the semiconductor manufacturer's stock worth $152,953,000 after buying an additional 98,292 shares in the last quarter. Rakuten Securities Inc. raised its stake in shares of Broadcom by 124.3% in the 4th quarter. Rakuten Securities Inc. now owns 48,214 shares of the semiconductor manufacturer's stock valued at $11,178,000 after purchasing an additional 26,721 shares in the last quarter. Avantax Advisory Services Inc. raised its stake in shares of Broadcom by 6.3% in the 4th quarter. Avantax Advisory Services Inc. now owns 256,049 shares of the semiconductor manufacturer's stock valued at $59,362,000 after purchasing an additional 15,193 shares in the last quarter. Finally, Essential Planning LLC. acquired a new stake in shares of Broadcom in the 4th quarter valued at about $7,171,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on AVGO. Hsbc Global Res raised shares of Broadcom to a "hold" rating in a research report on Tuesday, December 3rd. Bank of America increased their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a "buy" rating in a report on Friday, December 13th. Benchmark reissued a "buy" rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Mizuho reduced their price target on shares of Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Finally, Robert W. Baird upped their price target on shares of Broadcom from $195.00 to $210.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and a consensus target price of $231.48.

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Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $194.23 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business's 50 day moving average price is $219.67 and its 200-day moving average price is $193.45. The firm has a market capitalization of $913.26 billion, a PE ratio of 158.43, a P/E/G ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.22%. Broadcom's dividend payout ratio is currently 113.46%.

Insider Buying and Selling at Broadcom

In related news, Director Harry L. You sold 6,540 shares of the business's 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 sale, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 value of $918,560.00. Following the transaction, the director now directly owns 46,400 shares of the company's stock, valued at $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock worth $44,964,800 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom 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.

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