EdgeRock Capital LLC Buys 308 Shares of Broadcom Inc. (NASDAQ:AVGO)

EdgeRock Capital LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 6.1% during the fourth quarter, Holdings Channel reports. The firm owned 5,383 shares of the semiconductor manufacturer’s stock after acquiring an additional 308 shares during the quarter. Broadcom comprises about 0.8% of EdgeRock Capital LLC’s holdings, making the stock its 21st largest position. EdgeRock Capital LLC’s holdings in Broadcom were worth $1,248,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Acorn Wealth Advisors LLC increased its holdings in Broadcom by 3.7% during the 4th quarter. Acorn Wealth Advisors LLC now owns 2,300 shares of the semiconductor manufacturer’s stock worth $533,000 after purchasing an additional 81 shares in the last quarter. Fairhaven Wealth Management LLC increased its holdings in Broadcom by 1.5% during the 4th quarter. Fairhaven Wealth Management LLC now owns 6,812 shares of the semiconductor manufacturer’s stock worth $1,579,000 after purchasing an additional 102 shares in the last quarter. Hendley & Co. Inc. bought a new stake in Broadcom during the 4th quarter worth approximately $209,000. Brown Financial Advisors increased its holdings in Broadcom by 12.5% during the 4th quarter. Brown Financial Advisors now owns 10,125 shares of the semiconductor manufacturer’s stock worth $2,347,000 after purchasing an additional 1,125 shares in the last quarter. Finally, Wrapmanager Inc. grew its holdings in shares of Broadcom by 0.8% in the fourth quarter. Wrapmanager Inc. now owns 20,133 shares of the semiconductor manufacturer’s stock valued at $4,668,000 after acquiring an additional 161 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. The trade was a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now owns 30,450 shares of the company’s stock, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $212.94 on Thursday. The firm has a market cap of $998.13 billion, a price-to-earnings ratio of 173.69, a PEG ratio of 2.29 and a beta of 1.02. The company’s 50 day moving average is $228.28 and its 200 day moving average is $191.46. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s revenue was up 51.2% compared to the same quarter last year. During the same period last year, the firm earned $0.98 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.11%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is 191.87%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. increased their price objective on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Truist Financial increased their price objective on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a report on Friday, December 13th. Robert W. Baird increased their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, TD Cowen increased their target price on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $225.04.

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.