Bridges Investment Management Inc. Has $67.01 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Bridges Investment Management Inc. trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400,230 shares of the semiconductor manufacturer's stock after selling 27,186 shares during the period. Bridges Investment Management Inc.'s holdings in Broadcom were worth $67,011,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. First Interstate Bank grew its position in Broadcom by 0.6% in the 1st quarter. First Interstate Bank now owns 10,385 shares of the semiconductor manufacturer's stock worth $1,739,000 after purchasing an additional 65 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Broadcom by 3.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,479,241 shares of the semiconductor manufacturer's stock worth $247,669,000 after purchasing an additional 43,438 shares during the last quarter. Alpha Financial Partners LLC acquired a new stake in Broadcom in the 1st quarter worth $250,000. Topsail Wealth Management LLC grew its position in Broadcom by 27.4% in the 1st quarter. Topsail Wealth Management LLC now owns 1,699 shares of the semiconductor manufacturer's stock worth $284,000 after purchasing an additional 365 shares during the last quarter. Finally, Axxcess Wealth Management LLC grew its position in Broadcom by 4.9% in the 1st quarter. Axxcess Wealth Management LLC now owns 190,943 shares of the semiconductor manufacturer's stock worth $31,970,000 after purchasing an additional 8,999 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Down 0.4%

NASDAQ AVGO traded down $1.02 during trading on Friday, reaching $274.38. 14,264,387 shares of the stock traded hands, compared to its average volume of 28,222,096. The firm has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.76, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. The stock's 50-day moving average price is $245.29 and its 200 day moving average price is $218.63. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $281.18.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.96 earnings per share. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has approved a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the transaction, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 829,716 shares of company stock valued at $216,933,761. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on AVGO shares. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. UBS Group raised their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Mizuho raised their price objective on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Finally, Oppenheimer raised their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $290.21.

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.