EdgeRock Capital LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

EdgeRock Capital LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 22.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 351 shares of the semiconductor manufacturer’s stock after purchasing an additional 64 shares during the quarter. EdgeRock Capital LLC’s holdings in Broadcom were worth $430,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BetterWealth LLC increased its holdings in shares of Broadcom by 1.5% during the 4th quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 9 shares in the last quarter. Sargent Investment Group LLC grew its position in Broadcom by 1.6% during the fourth quarter. Sargent Investment Group LLC now owns 557 shares of the semiconductor manufacturer’s stock valued at $622,000 after buying an additional 9 shares during the period. Centric Wealth Management increased its holdings in Broadcom by 1.6% in the fourth quarter. Centric Wealth Management now owns 579 shares of the semiconductor manufacturer’s stock valued at $646,000 after buying an additional 9 shares in the last quarter. Rise Advisors LLC raised its position in shares of Broadcom by 33.3% in the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after acquiring an additional 10 shares during the period. Finally, CX Institutional boosted its stake in shares of Broadcom by 0.8% during the 4th quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock worth $1,439,000 after acquiring an additional 10 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock traded down $7.20 on Tuesday, reaching $1,303.11. 1,240,937 shares of the company were exchanged, compared to its average volume of 2,871,969. Broadcom Inc. has a 1-year low of $615.86 and a 1-year high of $1,438.17. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The firm has a market cap of $603.89 billion, a price-to-earnings ratio of 48.30, a P/E/G ratio of 2.60 and a beta of 1.25. The company’s 50-day moving average is $1,308.82 and its two-hundred day moving average is $1,157.75.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.83 EPS. As a group, research analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is presently 77.84%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on AVGO shares. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the company from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a report on Monday, April 8th. UBS Group increased their price objective on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $1,700.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now directly owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares of the company’s stock, valued at $220,583,976. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now directly owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock worth $40,306,667 in the last 90 days. Company 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.