Caisse DE Depot ET Placement DU Quebec Sells 762,694 Shares of Broadcom Inc. (NASDAQ:AVGO)

Caisse DE Depot ET Placement DU Quebec cut its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 26.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,115,265 shares of the semiconductor manufacturer's stock after selling 762,694 shares during the period. Broadcom accounts for approximately 1.0% of Caisse DE Depot ET Placement DU Quebec's investment portfolio, making the stock its 15th biggest holding. Caisse DE Depot ET Placement DU Quebec's holdings in Broadcom were worth $490,403,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Howard Capital Management Group LLC boosted its stake in Broadcom by 2,219.8% during the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock valued at $524,000 after purchasing an additional 2,908 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Broadcom by 1,019.4% during the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock valued at $1,238,966,000 after buying an additional 6,540,800 shares during the last quarter. Invst LLC grew its holdings in Broadcom by 928.6% during the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock worth $522,000 after buying an additional 2,730 shares in the last quarter. McIlrath & Eck LLC raised its position in Broadcom by 793.3% in the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock valued at $69,000 after buying an additional 357 shares during the last quarter. Finally, Passumpsic Savings Bank lifted its stake in Broadcom by 900.9% during the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock valued at $2,743,000 after acquiring an additional 14,315 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock valued at $131,065,542 over the last 90 days. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Broadcom stock traded up $6.31 during mid-day trading on Friday, hitting $203.64. 17,749,359 shares of the company traded hands, compared to its average volume of 31,190,347. 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 one year low of $124.71 and a one year high of $251.88. The stock has a market cap of $957.50 billion, a price-to-earnings ratio of 166.10, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The stock has a fifty day moving average price of $182.21 and a 200-day moving average price of $196.48.

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

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.16%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AVGO shares. Bank of America dropped their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday. Mizuho decreased their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Barclays dropped their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Morgan Stanley raised their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

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.