Peregrine Investment Management Inc. Has $8.89 Million Stock Holdings in Broadcom Inc. $AVGO

Key Points

• Peregrine Investment Management reduced its Broadcom stake by 30.9% in the fourth quarter, but still held 25,690 shares valued at about $8.89 million. Broadcom remained its 7th-largest position and represented roughly 5.5% of its portfolio.
• Broadcom posted strong quarterly results, with EPS of $2.05 and revenue of $19.31 billion, both ahead of analyst expectations. Revenue rose 29.5% year over year, and analysts now expect full-year EPS of 9.95.
• Wall Street remains bullish on AVGO, with 2 Strong Buy ratings, 27 Buy ratings, and 4 Hold ratings, giving the stock a consensus Moderate Buy and an average price target of $442.13. The shares opened at $420.71 and the company’s market cap stands near $1.99 trillion.

Peregrine Investment Management Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,690 shares of the semiconductor manufacturer's stock after selling 11,480 shares during the quarter. Broadcom makes up approximately 5.5% of Peregrine Investment Management Inc.'s holdings, making the stock its 7th biggest position. Peregrine Investment Management Inc.'s holdings in Broadcom were worth $8,891,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Miller Global Investments LLC bought a new position in shares of Broadcom during the 4th quarter valued at approximately $31,000. JCIC Asset Management Inc. bought a new position in shares of Broadcom during the 3rd quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. bought a new position in shares of Broadcom during the 4th quarter valued at approximately $33,000. Family CFO Inc bought a new position in shares of Broadcom during the 4th quarter valued at approximately $35,000. Finally, Manning & Napier Advisors LLC bought a new position in shares of Broadcom during the 3rd quarter valued at approximately $34,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on AVGO shares. Mizuho reissued an "outperform" rating and issued a $480.00 price target on shares of Broadcom in a report on Thursday, April 16th. Rosenblatt Securities reissued a "buy" rating and issued a $500.00 price target on shares of Broadcom in a report on Tuesday, April 7th. Royal Bank Of Canada lowered their price target on Broadcom from $370.00 to $340.00 and set a "sector perform" rating on the stock in a report on Monday, March 2nd. DA Davidson raised Broadcom to a "hold" rating in a report on Friday, February 13th. Finally, JPMorgan Chase & Co. boosted their price target on Broadcom from $475.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, March 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $442.13.

Broadcom Stock Down 1.1%

Shares of AVGO opened at $420.71 on Tuesday. The stock has a market capitalization of $1.99 trillion, a price-to-earnings ratio of 82.17, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. Broadcom Inc. has a 1 year low of $221.60 and a 1 year high of $442.36. The business's 50 day simple moving average is $367.36 and its 200-day simple moving average is $354.90. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.02. The business had revenue of $19.31 billion for the quarter, compared to analysts' expectations of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The company's revenue for the quarter was up 29.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.60 EPS. As a group, equities analysts expect that Broadcom Inc. will post 9.95 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, March 23rd. Broadcom's dividend payout ratio is 50.78%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 50,488 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the sale, the insider directly owned 278,141 shares of the company's stock, valued at $89,450,145.60. This represents a 15.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 2,018 shares of the company's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total value of $712,354.00. Following the sale, the director directly owned 18,164 shares in the company, valued at $6,411,892. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 324,282 shares of company stock worth $106,425,249. Company insiders own 1.90% of the company's stock.

Broadcom Profile

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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