Broadcom Inc. $AVGO Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners cut its Broadcom stake by 64.4% in the first quarter, selling 7,771 shares and retaining 4,292 shares valued at approximately $1.33 million. Institutional investors collectively own 76.43% of Broadcom.
• Broadcom reported strong quarterly results, with earnings of $2.44 per share and revenue of $22.19 billion, representing 47.9% year-over-year revenue growth and exceeding analyst expectations.
• Wall Street remains broadly bullish: 28 analysts rate the stock Buy and four rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $493.24 versus a recent price of $392.23.

Edgestream Partners L.P. lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 64.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,292 shares of the semiconductor manufacturer's stock after selling 7,771 shares during the quarter. Edgestream Partners L.P.'s holdings in Broadcom were worth $1,328,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC lifted its position in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC grew its position in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares during the last quarter. United Bank raised its stake in Broadcom by 76.5% during the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock worth $392,000 after acquiring an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC raised its stake in Broadcom by 10.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock worth $3,499,000 after acquiring an additional 1,160 shares in the last quarter. Finally, Capital & Planning LLC lifted its position in Broadcom by 10.5% in the second quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock valued at $1,098,000 after acquiring an additional 378 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ AVGO opened at $392.23 on Tuesday. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 52-week low of $281.87 and a 52-week high of $495.00. The business's 50-day moving average price is $393.64 and its 200 day moving average price is $368.48. The firm has a market cap of $1.87 trillion, a P/E ratio of 65.37, a P/E/G ratio of 0.74 and a beta of 1.45.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. During the same period in the prior year, the business earned $1.58 EPS. The firm's revenue was up 47.9% compared to the same quarter last year. On average, equities research analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom's dividend payout ratio is 43.33%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVGO. Truist Financial raised their price objective on Broadcom from $545.00 to $550.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. The Goldman Sachs Group reissued a "buy" rating on shares of Broadcom in a research report on Monday. Rosenblatt Securities restated a "buy" rating and set a $500.00 price target on shares of Broadcom in a research note on Thursday, June 4th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $500.00 to $580.00 and gave the company an "overweight" rating in a research note on Thursday, June 4th. Finally, DA Davidson increased their price objective on Broadcom from $375.00 to $400.00 and gave the company a "neutral" rating in a report on Thursday, June 4th. Twenty-eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $493.24.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $401.33, for a total transaction of $10,033,250.00. Following the completion of the sale, the insider directly owned 194,989 shares of the company's stock, valued at $78,254,935.37. This trade represents a 11.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gayla J. Delly sold 1,890 shares of the company's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $385.38, for a total transaction of $728,368.20. Following the transaction, the director owned 31,326 shares of the company's stock, valued at approximately $12,072,413.88. The trade was a 5.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 61,644 shares of company stock worth $24,016,214 over the last three months. 1.90% of the stock is owned by company insiders.

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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