Broadcom Inc. (NASDAQ:AVGO) is Eagle Rock Investment Company LLC's 2nd Largest Position

Eagle Rock Investment Company LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,525 shares of the semiconductor manufacturer's stock after selling 18,079 shares during the period. Broadcom makes up about 3.7% of Eagle Rock Investment Company LLC's holdings, making the stock its 2nd largest holding. Eagle Rock Investment Company LLC's holdings in Broadcom were worth $21,686,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of AVGO. Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at $16,893,010,000. GAMMA Investing LLC raised its stake in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC lifted its holdings in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AVGO has been the subject of several research reports. Mizuho boosted their target price on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a report on Friday. Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday. Bank of America boosted their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, JPMorgan Chase & Co. boosted their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $270.25.

Broadcom Stock Performance

NASDAQ AVGO traded down $12.98 during trading on Friday, reaching $246.95. The company's stock had a trading volume of 41,055,118 shares, compared to its average volume of 31,051,491. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $1.16 trillion, a price-to-earnings ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The firm has a 50 day moving average price of $203.73 and a 200 day moving average price of $206.52.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $10.96 EPS. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by company insiders.

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.