Industrial Alliance Slashes Its Holdings in Broadcom Inc. by More Than 99%

Industrial Alliance Investment Management Inc. has notably reduced its investment in Broadcom Inc., a prominent semiconductor manufacturer, divesting 99.3% of its shares in the second quarter. Following the sell-off, the fund retained ownership of just 839 shares. This sizable transaction was reported in Industrial Alliance's latest 13F filing with the Securities and Exchange Commission (SEC). Despite this reduction, Broadcom still represents approximately 0.4% of Industrial Alliance Investment Management Inc.'s investment portfolio, ranking as its 15th largest holding. At the end of the reporting period, Industrial Alliance's remaining position in Broadcom was valued at roughly $728,000.

Other Investors Adjust Positions

Changes in Broadcom shareholding were observed among various institutional investors. Bank Julius Baer & Co. Ltd Zurich witnessed a major increment of 96,355.6% in its holdings during the second quarter. Envestnet Asset Management Inc. increased its position by 756.5%, and Norges Bank initiated a new stake in the company. Moneta Group Investment Advisors LLC and Providence Capital Advisors LLC also massively ramped up their investments in Broadcom, with their shares owned skyrocketing by over 122,794.1% and 49,919.1% respectively. Currently, institutional investors hold 78.81% of Broadcom's stock.

Analyst Ratings Overview

Several research analysts have issued their opinions on Broadcom's future prospects. Upgrades and target price revisions were provided by StockNews.com, Oppenheimer, Mizuho, KeyCorp, and Citigroup. Out of various analysts’ recommendations, Broadcom has predominantly received 'buy' ratings, consolidating its position as a 'Moderate Buy' according to MarketBeat's consensus rating, with an average price target hovering around $944.67.

Inside Trading at Broadcom

In the midst of these shifts, insiders at Broadcom were also active. Director Harry L. You notably purchased 1,000 shares, and Director Eddy W. Hartenstein sold 1,500 shares. Corporate insiders collectively hold a 2.20% stake in the company.

Financial Performance and Dividend Increase

Broadcom's stock has been on the rise, with significant trading activity. The company's recent earnings report surpassed analysts' expectations, citing both an increase in revenue and a solid return on equity. Additionally, Broadcom announced a bump in its quarterly dividend to shareholders, indicative of the company's strong financial health.

Broadcom's Market Position

Operating worldwide, Broadcom Inc. designs and supplies a broad array of semiconductor devices. It has established a significant presence in both the digital and mixed signal semiconductor arenas as well as in the field of analog products.

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