Broadcom Inc. (NASDAQ:AVGO) is Everest Management Corp.'s 7th Largest Position

Everest Management Corp. raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 157.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,577 shares of the semiconductor manufacturer's stock after acquiring an additional 12,577 shares during the quarter. Broadcom makes up approximately 3.1% of Everest Management Corp.'s portfolio, making the stock its 7th biggest position. Everest Management Corp.'s holdings in Broadcom were worth $3,445,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Tallon Kerry Patrick acquired a new stake in Broadcom in the 4th quarter valued at about $357,000. Capital & Planning LLC grew its position in shares of Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after buying an additional 554 shares in the last quarter. LaFleur & Godfrey LLC increased its stake in shares of Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after buying an additional 12,345 shares during the period. Brighton Jones LLC increased its stake in shares of Broadcom by 21.8% during the fourth 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 period. Finally, Union Bancaire Privee UBP SA acquired a new stake in Broadcom in the fourth quarter valued at approximately $71,312,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the subject of several analyst reports. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday. Citigroup reiterated a "buy" rating and set a $276.00 target price (up previously from $210.00) on shares of Broadcom in a research note on Tuesday, June 3rd. Oppenheimer raised their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Morgan Stanley lifted their price target on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Benchmark increased their price objective on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $270.25.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $246.95 on Monday. The stock's 50-day moving average price is $203.73 and its 200 day moving average price is $206.81. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results 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. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. Broadcom's payout ratio is currently 88.39%.

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in 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 often a sign that the company's board of directors believes its stock is undervalued.

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.

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