Broadcom Inc. (NASDAQ:AVGO) is Legal & General Group Plc’s 6th Largest Position

Legal & General Group Plc decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 27.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,837,580 shares of the semiconductor manufacturer’s stock after selling 12,472,515 shares during the period. Broadcom makes up approximately 2.0% of Legal & General Group Plc’s investment portfolio, making the stock its 6th biggest position. Legal & General Group Plc owned 0.70% of Broadcom worth $7,613,065,000 at the end of the most recent reporting period.

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

Broadcom Trading Down 5.0 %

AVGO opened at $146.29 on Monday. The firm has a market capitalization of $687.85 billion, a P/E ratio of 119.32, a P/E/G ratio of 2.29 and a beta of 1.05. The firm’s 50 day moving average is $201.57 and its 200-day moving average is $196.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Insider Activity at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. This represents a 7.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the business’s 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 of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 697,976 shares of company stock valued at $127,336,102. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AVGO. Mizuho decreased their price objective on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Barclays increased 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. Robert W. Baird raised their price target on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Bank of America boosted their price objective on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

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.