EdgeRock Capital LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

EdgeRock Capital LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.8% in the first quarter, HoldingsChannel reports. The firm owned 5,588 shares of the semiconductor manufacturer’s stock after purchasing an additional 205 shares during the period. Broadcom comprises about 0.7% of EdgeRock Capital LLC’s portfolio, making the stock its 25th largest holding. EdgeRock Capital LLC’s holdings in Broadcom were worth $936,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. SlateStone Wealth LLC boosted its holdings in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC raised its stake in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after buying an additional 48 shares in the last quarter. DT Investment Partners LLC raised its stake in Broadcom by 0.9% during the fourth quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer’s stock valued at $1,251,000 after buying an additional 50 shares in the last quarter. Bfsg LLC raised its stake in Broadcom by 12.5% during the fourth quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer’s stock valued at $105,000 after buying an additional 50 shares in the last quarter. Finally, Global Strategic Investment Solutions LLC raised its stake in Broadcom by 1.5% during the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock valued at $782,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AVGO shares. Benchmark upped their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. UBS Group upped their price objective on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Oppenheimer upped their price objective on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Finally, Susquehanna upped their price objective on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $244.63 on Wednesday. The stock has a fifty day moving average price of $206.98 and a two-hundred day moving average price of $207.63. 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 firm has a market cap of $1.15 trillion, a P/E ratio of 199.54, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the company posted $10.96 EPS. Research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

Broadcom announced that its board has authorized a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by corporate insiders.

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.