Holderness Investments Co. Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Holderness Investments Co. trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.3% in the 1st quarter, HoldingsChannel reports. The firm owned 38,421 shares of the semiconductor manufacturer’s stock after selling 122 shares during the quarter. Broadcom accounts for 1.5% of Holderness Investments Co.’s portfolio, making the stock its 12th biggest position. Holderness Investments Co.’s holdings in Broadcom were worth $6,433,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ted Buchan & Co lifted its position in shares of Broadcom by 3.2% in the 1st quarter. Ted Buchan & Co now owns 12,621 shares of the semiconductor manufacturer’s stock worth $2,113,000 after purchasing an additional 393 shares during the period. American Money Management LLC lifted its position in shares of Broadcom by 23.8% in the 1st quarter. American Money Management LLC now owns 2,538 shares of the semiconductor manufacturer’s stock worth $425,000 after purchasing an additional 488 shares during the period. E Fund Management Co. Ltd. lifted its position in shares of Broadcom by 7.2% in the 1st quarter. E Fund Management Co. Ltd. now owns 225,309 shares of the semiconductor manufacturer’s stock worth $37,723,000 after purchasing an additional 15,194 shares during the period. Financial Network Wealth Advisors LLC lifted its position in shares of Broadcom by 48.2% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 329 shares of the semiconductor manufacturer’s stock worth $55,000 after purchasing an additional 107 shares during the period. Finally, NFP Retirement Inc. lifted its position in shares of Broadcom by 17.5% in the 1st quarter. NFP Retirement Inc. now owns 2,334 shares of the semiconductor manufacturer’s stock worth $391,000 after purchasing an additional 347 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the sale, the director directly owned 24,582 shares in the company, valued at $6,742,842.60. The trade was a 3.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company’s stock, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 829,716 shares of company stock valued at $217,040,489. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Broadcom in a research report on Thursday, July 10th. They issued a “buy” rating and a $315.00 target price for the company. Wall Street Zen cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Hsbc Global Res raised shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Finally, Bank of America lifted their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $294.92.

Broadcom Stock Down 1.2%

NASDAQ:AVGO opened at $309.09 on Thursday. The firm has a market cap of $1.45 trillion, a P/E ratio of 115.76, a P/E/G ratio of 2.22 and a beta of 1.15. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The firm has a 50-day simple moving average of $276.06 and a two-hundred day simple moving average of $228.20.

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom’s payout ratio is currently 88.39%.

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.