Broadcom Inc. (NASDAQ:AVGO) is Eagle Ridge Investment Management’s Largest Position

Eagle Ridge Investment Management boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 884.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 332,414 shares of the semiconductor manufacturer’s stock after acquiring an additional 298,660 shares during the quarter. Broadcom comprises approximately 5.0% of Eagle Ridge Investment Management’s portfolio, making the stock its biggest holding. Eagle Ridge Investment Management’s holdings in Broadcom were worth $57,341,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of AVGO. Swedbank AB raised its position in Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares in the last quarter. Raymond James & Associates increased its position in shares of Broadcom by 855.4% in the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after buying an additional 11,347,563 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Broadcom by 226,130.5% in the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock valued at $14,224,520,000 after buying an additional 8,242,455 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of Broadcom by 826.3% in the third quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock valued at $511,258,000 after buying an additional 2,643,845 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Broadcom by 1,005.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,577,226 shares of the semiconductor manufacturer’s stock valued at $272,072,000 after buying an additional 1,434,564 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group dropped their price target on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Benchmark restated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group raised their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Stock Performance

NASDAQ AVGO opened at $173.00 on Monday. The firm has a market capitalization of $805.29 billion, a P/E ratio of 7.44, a P/E/G ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a 1-year low of $81.83 and a 1-year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The business’s 50-day simple moving average is $168.18 and its 200-day simple moving average is $154.68.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 EPS. Equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is currently 9.12%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last three months. Corporate 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.