Meiji Yasuda Asset Management Co Ltd. Sells 69,890 Shares of Broadcom Inc. (NASDAQ:AVGO)

Meiji Yasuda Asset Management Co Ltd. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 33.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 138,319 shares of the semiconductor manufacturer’s stock after selling 69,890 shares during the quarter. Broadcom comprises 1.2% of Meiji Yasuda Asset Management Co Ltd.’s investment portfolio, making the stock its 9th biggest holding. Meiji Yasuda Asset Management Co Ltd.’s holdings in Broadcom were worth $32,068,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Canton Hathaway LLC acquired a new position in shares of Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $26,000. Bellevue Asset Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $33,000. Pin Oak Investment Advisors Inc. boosted its position in shares of 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 purchasing an additional 135 shares in the last quarter. Finally, Synergy Investment Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $35,000. 76.43% of the stock is owned by institutional investors.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the sale, the insider now owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This represents a 5.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom 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 transaction, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,000 shares of company stock worth $21,494,560. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Down 0.2 %

Shares of Broadcom stock opened at $191.25 on Tuesday. The stock has a market capitalization of $899.25 billion, a P/E ratio of 156.00, a P/E/G 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. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock’s 50-day simple moving average is $213.70 and its 200 day simple moving average is $195.64.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Thursday, March 20th. Broadcom’s payout ratio is currently 113.46%.

Analysts Set New Price Targets

Several research analysts have issued reports on AVGO shares. Benchmark reiterated a “buy” rating and issued a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Robert W. Baird increased their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Truist Financial raised their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Finally, Mizuho reduced their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $231.48.

About Broadcom

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.