Praxis Investment Management Inc. Has $19.63 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Praxis Investment Management Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 117,220 shares of the semiconductor manufacturer's stock after selling 5,190 shares during the quarter. Broadcom comprises about 1.3% of Praxis Investment Management Inc.'s portfolio, making the stock its 11th biggest holding. Praxis Investment Management Inc.'s holdings in Broadcom were worth $19,626,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the stock. Tallon Kerry Patrick purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $357,000. Capital & Planning LLC increased its stake in Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares during the last quarter. LaFleur & Godfrey LLC increased its stake in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC increased its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in Broadcom in the fourth quarter valued at approximately $71,312,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. 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, June 6th. KeyCorp increased their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Broadcom Stock Down 0.5%

Broadcom stock traded down $1.27 during midday trading on Friday, hitting $249.99. 42,100,140 shares of the company were exchanged, compared to its average volume of 29,469,720. The company's fifty day moving average price is $220.48 and its 200-day moving average price is $212.46. The company has a market cap of $1.18 trillion, a PE ratio of 93.63, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43.

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 849,134 shares of company stock valued at $163,760,949 in the last three months. Corporate insiders own 2.00% of the company's stock.

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.