Addenda Capital Inc. Sells 37,692 Shares of Broadcom Inc. (NASDAQ:AVGO)

Addenda Capital Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 173,688 shares of the semiconductor manufacturer's stock after selling 37,692 shares during the period. Broadcom accounts for about 1.4% of Addenda Capital Inc.'s investment portfolio, making the stock its 22nd largest holding. Addenda Capital Inc.'s holdings in Broadcom were worth $29,081,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AVGO. Banco Bilbao Vizcaya Argentaria S.A. increased its position in Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after buying an additional 18,845 shares in the last quarter. Nebula Research & Development LLC increased its position in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after buying an additional 14,399 shares in the last quarter. Destiny Wealth Partners LLC increased its position in Broadcom by 1,211.3% during the 4th quarter. Destiny Wealth Partners LLC now owns 27,013 shares of the semiconductor manufacturer's stock valued at $6,263,000 after buying an additional 24,953 shares in the last quarter. Mediolanum International Funds Ltd increased its position in Broadcom by 36.3% during the 4th quarter. Mediolanum International Funds Ltd now owns 634,112 shares of the semiconductor manufacturer's stock valued at $149,017,000 after buying an additional 168,774 shares in the last quarter. Finally, Kovack Advisors Inc. boosted its stake in Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock valued at $7,971,000 after purchasing an additional 2,570 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Broadcom stock traded up $8.14 during trading on Tuesday, reaching $256.85. The company had a trading volume of 30,280,176 shares, compared to its average volume of 30,824,780. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $257.81. The firm's 50-day simple moving average is $196.77 and its 200 day simple moving average is $204.25. The firm has a market capitalization of $1.21 trillion, a price-to-earnings ratio of 209.50, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.92%. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent analyst reports. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley increased their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Citigroup increased their target price on Broadcom from $210.00 to $276.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Benchmark reiterated a "buy" rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $241.31.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now directly owns 26,182 shares of the company's stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.

About Broadcom

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.