Edgestream Partners L.P. Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Edgestream Partners L.P. reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 15.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 542 shares of the semiconductor manufacturer’s stock after selling 96 shares during the quarter. Edgestream Partners L.P.’s holdings in Broadcom were worth $870,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Capital International Ltd. CA raised its position in shares of Broadcom by 1.7% in the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after acquiring an additional 1,310 shares in the last quarter. Focus Financial Network Inc. ADV purchased a new stake in shares of Broadcom during the fourth quarter valued at about $2,238,000. Gryphon Financial Partners LLC boosted its holdings in shares of Broadcom by 99.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock valued at $1,731,000 after buying an additional 801 shares in the last quarter. Steward Partners Investment Solutions LLC purchased a new position in shares of Broadcom in the 4th quarter worth approximately $2,205,000. Finally, Acadian Asset Management LLC raised its stake in Broadcom by 168.8% in the 2nd quarter. Acadian Asset Management LLC now owns 33,044 shares of the semiconductor manufacturer’s stock worth $53,046,000 after acquiring an additional 20,753 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 2.2 %

Shares of Broadcom stock opened at $171.10 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The firm has a market capitalization of $796.45 billion, a PE ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. The firm’s 50-day moving average price is $156.81 and its 200 day moving average price is $146.91.

Broadcom (NASDAQ:AVGO) last released its earnings results 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. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the business posted $0.95 earnings per share. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 9.12%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on AVGO shares. Citigroup reiterated a “buy” rating and set a $156.00 price target on shares of Broadcom in a research note on Tuesday, June 11th. Truist Financial increased their price target on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Barclays increased their price objective on shares of Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Finally, Melius began coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 target price for the company. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

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.