Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 16.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 211,380 shares of the semiconductor manufacturer’s stock after selling 42,256 shares during the quarter. Broadcom makes up approximately 2.2% of Addenda Capital Inc.’s holdings, making the stock its 11th largest holding. Addenda Capital Inc.’s holdings in Broadcom were worth $49,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. NCP Inc. raised its stake in Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after acquiring an additional 400 shares during the last quarter. Insigneo Advisory Services LLC raised its stake in shares of Broadcom by 860.6% in the second quarter. Insigneo Advisory Services LLC now owns 19,740 shares of the semiconductor manufacturer’s stock worth $31,693,000 after purchasing an additional 17,685 shares during the last quarter. Zurich Insurance Group Ltd FI lifted its holdings in shares of Broadcom by 39.9% during the second quarter. Zurich Insurance Group Ltd FI now owns 134,589 shares of the semiconductor manufacturer’s stock worth $216,087,000 after purchasing an additional 38,362 shares during the period. Fred Alger Management LLC lifted its holdings in shares of Broadcom by 14.7% during the second quarter. Fred Alger Management LLC now owns 225,938 shares of the semiconductor manufacturer’s stock worth $362,750,000 after purchasing an additional 28,950 shares during the period. Finally, Point72 Italy S.r.l. purchased a new stake in Broadcom in the second quarter valued at approximately $14,129,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In other news, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now owns 30,450 shares of the company’s stock, 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 link. Also, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the transaction, the chief executive officer now owns 842,836 shares of the company’s stock, valued at $202,246,926.56. The trade was a 5.07 % 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 in the last ninety days. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 0.2 %

Shares of Broadcom stock opened at $240.91 on Thursday. Broadcom Inc. has a 1-year low of $117.43 and a 1-year high of $251.88. 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 stock has a market cap of $1.13 trillion, a P/E ratio of 196.50, a P/E/G ratio of 2.48 and a beta of 1.03. The stock’s 50 day simple moving average is $204.46 and its 200-day simple moving average is $179.16.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same period in the prior year, the business earned $0.98 EPS. The firm’s quarterly revenue was up 51.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 5.38 EPS 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 paid a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 0.98%. Broadcom’s payout ratio is 192.50%.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. Bank of America lifted their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Benchmark restated a “buy” rating and set a $255.00 target price (up from $210.00) on shares of Broadcom in a research report on Friday, December 13th. JPMorgan Chase & Co. increased their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Citigroup boosted their price objective on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Cantor Fitzgerald raised their target price on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $225.83.

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.