Sentry Investment Management LLC Sells 433 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sentry Investment Management LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 17.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,116 shares of the semiconductor manufacturer’s stock after selling 433 shares during the quarter. Broadcom accounts for about 1.5% of Sentry Investment Management LLC’s holdings, making the stock its 10th biggest position. Sentry Investment Management LLC’s holdings in Broadcom were worth $3,397,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Norges Bank purchased a new stake in Broadcom during the fourth quarter worth about $6,225,987,000. Swedbank AB bought a new stake in shares of Broadcom during the 1st quarter worth $2,835,737,000. Vanguard Group Inc. increased its stake in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after acquiring an additional 1,303,462 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after acquiring an additional 1,263,957 shares in the last quarter. Finally, Capital International Investors boosted its holdings in Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after acquiring an additional 1,006,223 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

AVGO opened at $148.21 on Wednesday. The firm has a market cap of $689.90 billion, a P/E ratio of 6.37, a PEG ratio of 2.41 and a beta of 1.16. Broadcom Inc. has a 1-year low of $79.51 and a 1-year high of $185.16. The company has a 50 day simple moving average of $188.66 and a two-hundred day simple moving average of $156.32. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. Equities analysts forecast that Broadcom Inc. will post 3.75 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.43%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s dividend payout ratio is presently 9.12%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of analyst reports. Piper Sandler increased their target price on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Evercore ISI increased their price objective on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Mizuho boosted their target price on shares of Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Truist Financial increased their price target on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Rosenblatt Securities decreased their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $189.23.

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.