Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Cookson Peirce & Co. Inc.

Cookson Peirce & Co. Inc. grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,752 shares of the semiconductor manufacturer's stock after buying an additional 2,685 shares during the period. Cookson Peirce & Co. Inc.'s holdings in Broadcom were worth $2,303,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at about $25,000. Cheviot Value Management LLC acquired a new stake in Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the fourth quarter worth about $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on AVGO shares. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Oppenheimer raised their price objective on shares of Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Susquehanna raised their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Morgan Stanley set a $338.00 price objective on shares of Broadcom and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, KeyCorp raised their price objective on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $294.92.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 829,716 shares of company stock worth $217,040,489. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.2%

AVGO stock opened at $309.09 on Thursday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The company's 50 day moving average is $276.06 and its two-hundred day moving average is $228.20. The stock has a market cap of $1.45 trillion, a P/E ratio of 115.76, a PEG ratio of 2.22 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the company earned $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.