The Manufacturers Life Insurance Company Sells 329,594 Shares of Broadcom Inc. (NASDAQ:AVGO)

The Manufacturers Life Insurance Company decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,468,365 shares of the semiconductor manufacturer's stock after selling 329,594 shares during the period. Broadcom makes up 0.9% of The Manufacturers Life Insurance Company's portfolio, making the stock its 10th biggest position. The Manufacturers Life Insurance Company owned about 0.10% of Broadcom worth $1,035,979,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Canton Hathaway LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $26,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $33,000. Finally, Synergy Investment Management LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $35,000. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Up 0.7 %

Shares of NASDAQ:AVGO traded up $1.30 during trading on Wednesday, reaching $192.47. 22,283,051 shares of the stock were exchanged, compared to its average volume of 31,263,255. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 12-month low of $122.33 and a 12-month high of $251.88. The firm has a market cap of $904.98 billion, a price-to-earnings ratio of 156.99, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The firm's 50-day moving average price is $182.92 and its 200 day moving average price is $196.21.

Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 in the last three months. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. KeyCorp increased their price objective on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Barclays cut their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Mizuho dropped their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Truist Financial lifted their price target on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

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.