Broadcom Inc. (NASDAQ:AVGO) Position Cut by Edmp Inc.

Edmp Inc. lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,958 shares of the semiconductor manufacturer’s stock after selling 70 shares during the quarter. Broadcom comprises 4.9% of Edmp Inc.’s investment portfolio, making the stock its biggest holding. Edmp Inc.’s holdings in Broadcom were worth $5,853,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Tallon Kerry Patrick purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $357,000. LaFleur & Godfrey LLC grew its stake in shares of Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC grew its stake in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $71,312,000. Finally, Revolve Wealth Partners LLC grew its stake in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after purchasing an additional 756 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,468 shares of company stock worth $51,519,450. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $263.77 on Wednesday. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.87. The stock has a market cap of $1.24 trillion, a price-to-earnings ratio of 98.79, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11. The business has a fifty day moving average of $223.68 and a 200-day moving average of $213.63. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the previous year, the firm posted $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.89%. Broadcom’s payout ratio is currently 88.39%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $281.25.

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.