iA Global Asset Management Inc. Lowers Stake in Broadcom Inc. (NASDAQ:AVGO)

iA Global Asset Management Inc. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 41.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 816,209 shares of the semiconductor manufacturer’s stock after selling 567,464 shares during the period. Broadcom comprises approximately 3.3% of iA Global Asset Management Inc.’s holdings, making the stock its 5th biggest position. iA Global Asset Management Inc.’s holdings in Broadcom were worth $189,230,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Canton Hathaway LLC bought a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom in the 4th quarter worth approximately $33,000. Pin Oak Investment Advisors Inc. raised its stake in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the period. Finally, Synergy Investment Management LLC bought a new stake in Broadcom during the 4th quarter worth approximately $35,000. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the completion of the sale, the insider now directly owns 321,660 shares in the company, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diane M. Bryant sold 15,000 shares of Broadcom stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the sale, the director now owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,738 shares of company stock valued at $43,395,200 over the last three months. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Barclays raised their target price on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Mizuho decreased their target price on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. KeyCorp raised their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Robert W. Baird raised their target price on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Benchmark restated a “buy” rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Stock Up 3.7 %

NASDAQ AVGO opened at $195.57 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a fifty day moving average of $215.81 and a two-hundred day moving average of $194.61. The firm has a market capitalization of $919.56 billion, a price-to-earnings ratio of 159.52, a PEG ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.21%. The ex-dividend date is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Broadcom 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.