Sentry Investment Management LLC Sells 4,451 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sentry Investment Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 12,720 shares of the semiconductor manufacturer's stock after selling 4,451 shares during the quarter. Broadcom comprises approximately 1.2% of Sentry Investment Management LLC's holdings, making the stock its 12th largest position. Sentry Investment Management LLC's holdings in Broadcom were worth $1,961,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter valued at $16,893,010,000. GAMMA Investing LLC lifted its holdings in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. GQG Partners LLC lifted its holdings in shares of Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following 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 disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 in the last 90 days. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AVGO shares. Barclays decreased their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Citigroup lifted their target price on Broadcom from $210.00 to $276.00 and gave the stock a "buy" rating in a report on Tuesday. Benchmark reaffirmed a "buy" rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Morgan Stanley increased their price target on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $246.00.

Broadcom Stock Up 1.6%

Shares of NASDAQ AVGO traded up $4.23 during mid-day trading on Wednesday, reaching $261.08. 31,461,945 shares of the company traded hands, compared to its average volume of 30,845,923. The company's fifty day moving average is $198.47 and its two-hundred day moving average is $204.62. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.31. The stock has a market cap of $1.23 trillion, a PE ratio of 212.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. 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 announced that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

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.