EDENTREE ASSET MANAGEMENT Ltd Decreases Position in Broadcom Inc. (NASDAQ:AVGO)

EDENTREE ASSET MANAGEMENT Ltd lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,314 shares of the semiconductor manufacturer's stock after selling 1,116 shares during the period. EDENTREE ASSET MANAGEMENT Ltd's holdings in Broadcom were worth $2,622,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Regent Peak Wealth Advisors LLC raised its stake in Broadcom by 3.0% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer's stock worth $3,086,000 after acquiring an additional 386 shares during the last quarter. Tallon Kerry Patrick purchased a new position in Broadcom in the 4th quarter worth $357,000. Capital & Planning LLC raised its stake in Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after acquiring an additional 554 shares during the last quarter. City Holding Co. raised its stake in Broadcom by 100.6% in the 4th quarter. City Holding Co. now owns 2,668 shares of the semiconductor manufacturer's stock worth $619,000 after acquiring an additional 1,338 shares during the last quarter. Finally, Diversify Wealth Management LLC raised its stake in Broadcom by 32.3% in the 4th quarter. Diversify Wealth Management LLC now owns 36,000 shares of the semiconductor manufacturer's stock worth $8,075,000 after acquiring an additional 8,796 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the company's 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 completion of the sale, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 in the last ninety days. Insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AVGO shares. Morgan Stanley raised their target price on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Bank of America reduced their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Barclays reduced their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Trading Down 0.8%

AVGO stock opened at $229.73 on Thursday. 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 Inc. has a 12-month low of $128.50 and a 12-month high of $251.88. The stock has a market cap of $1.08 trillion, a price-to-earnings ratio of 187.38, a PEG ratio of 2.29 and a beta of 1.04. The business's 50-day moving average is $189.30 and its 200 day moving average is $200.47.

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.03%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is 113.46%.

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.

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