Legal & General Group Plc Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Legal & General Group Plc trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 27.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 32,837,580 shares of the semiconductor manufacturer’s stock after selling 12,472,515 shares during the quarter. Broadcom comprises approximately 2.0% of Legal & General Group Plc’s investment portfolio, making the stock its 6th biggest holding. Legal & General Group Plc’s holdings in Broadcom were worth $7,613,065,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Geode Capital Management LLC lifted its stake in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after acquiring an additional 3,018,294 shares during the last quarter. FMR LLC increased its position in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the last quarter. Norges Bank bought a new position in shares of Broadcom in the 4th quarter valued at approximately $16,893,010,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Broadcom by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 32,808,362 shares of the semiconductor manufacturer’s stock valued at $7,606,291,000 after acquiring an additional 810,907 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Robert W. Baird increased their price target on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Susquehanna boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research report on Friday, December 13th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Barclays boosted their price objective on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Mizuho lowered their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Stock Performance

NASDAQ:AVGO opened at $146.29 on Monday. The company has a market cap of $687.85 billion, a price-to-earnings ratio of 119.32, a PEG ratio of 2.29 and a beta of 1.05. The stock has a fifty day moving average price of $201.57 and a 200-day moving average price of $196.43. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. 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 Announces Dividend

The firm also recently disclosed 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 yield of 1.61%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 697,976 shares of company stock worth $127,336,102 over the last 90 days. Insiders own 2.00% of the company’s stock.

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.