Desjardins Global Asset Management Inc. Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Desjardins Global Asset Management Inc. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,647 shares of the semiconductor manufacturer’s stock after selling 1,184 shares during the period. Broadcom makes up 0.8% of Desjardins Global Asset Management Inc.’s holdings, making the stock its 20th biggest position. Desjardins Global Asset Management Inc.’s holdings in Broadcom were worth $7,420,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Macroview Investment Management LLC purchased a new position in Broadcom in the third quarter valued at $29,000. BKM Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $29,000. CKW Financial Group acquired a new stake in shares of Broadcom in the fourth quarter valued at about $30,000. Indiana Trust & Investment Management CO acquired a new stake in shares of Broadcom in the third quarter valued at about $32,000. Finally, VitalStone Financial LLC grew its position in shares of Broadcom by 71.4% in the first quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock valued at $40,000 after purchasing an additional 25 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Rosenblatt Securities restated a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Susquehanna boosted their price target on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Barclays started coverage on shares of Broadcom in a research report on Wednesday, March 20th. They set an “overweight” rating and a $1,405.00 price target on the stock. Finally, Cantor Fitzgerald boosted their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,281.09.

Broadcom Stock Up 1.6 %

AVGO traded up $21.01 during trading hours on Tuesday, hitting $1,331.70. 1,099,423 shares of the company’s stock were exchanged, compared to its average volume of 2,949,606. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The firm has a 50 day moving average of $1,304.36 and a 200 day moving average of $1,110.50. The firm has a market cap of $617.14 billion, a P/E ratio of 48.76, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same period in the prior year, the firm earned $9.83 EPS. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 35.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio is presently 77.84%.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 110 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the transaction, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Justine Page sold 110 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the transaction, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the transaction, the insider now owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,920 shares of company stock valued at $40,306,667. Insiders own 2.00% of the company’s stock.

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.