Peregrine Investment Management Inc. Has $3.63 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Peregrine Investment Management Inc. decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 45.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,670 shares of the semiconductor manufacturer's stock after selling 18,330 shares during the quarter. Broadcom makes up about 2.7% of Peregrine Investment Management Inc.'s holdings, making the stock its 19th biggest position. Peregrine Investment Management Inc.'s holdings in Broadcom were worth $3,628,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter worth $30,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the 4th quarter worth $32,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter worth $25,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter worth $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the transaction, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 828,916 shares of company stock worth $216,785,761. Corporate insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Susquehanna increased their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Rosenblatt Securities increased their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $290.21.

Broadcom Price Performance

Shares of Broadcom stock traded up $1.65 during mid-day trading on Monday, reaching $276.03. 5,283,695 shares of the stock were exchanged, compared to its average volume of 28,031,103. The company has a market cap of $1.30 trillion, a price-to-earnings ratio of 103.39, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a 50-day simple moving average of $246.70 and a 200 day simple moving average of $218.54. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $281.18.

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

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.85%. The ex-dividend date 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.