USS Investment Management Ltd Has $206.65 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

USS Investment Management Ltd cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 891,539 shares of the semiconductor manufacturer's stock after selling 2,314 shares during the period. Broadcom makes up about 1.5% of USS Investment Management Ltd's holdings, making the stock its 16th biggest position. USS Investment Management Ltd's holdings in Broadcom were worth $206,650,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of AVGO. Canton Hathaway LLC acquired a new position in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth about $26,000. Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter valued at approximately $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $33,000. Finally, Synergy Investment Management LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Up 0.3%

AVGO stock traded up $0.80 during midday trading on Thursday, hitting $230.53. 14,308,681 shares of the company's stock were exchanged, compared to its average volume of 31,113,077. The stock's fifty day moving average price is $189.30 and its 200-day moving average price is $200.47. Broadcom Inc. has a one year low of $128.50 and a one year high of $251.88. The company has a market cap of $1.08 trillion, a PE ratio of 188.04, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. 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 declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is 113.46%.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays dropped their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Truist Financial increased their price objective on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.