Eagle Rock Investment Company LLC Sells 18,079 Shares of Broadcom Inc. (NASDAQ:AVGO)

Eagle Rock Investment Company LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 12.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,525 shares of the semiconductor manufacturer’s stock after selling 18,079 shares during the period. Broadcom comprises about 3.7% of Eagle Rock Investment Company LLC’s holdings, making the stock its 2nd largest position. Eagle Rock Investment Company LLC’s holdings in Broadcom were worth $21,686,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AVGO. Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at $16,893,010,000. GAMMA Investing LLC raised its stake in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after buying an additional 15,171,849 shares in the last quarter. GQG Partners LLC raised its stake in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after buying an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

Shares of AVGO opened at $246.95 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The stock’s 50 day moving average is $203.73 and its two-hundred day moving average is $206.22. The firm has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 company 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 earned $10.96 EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has initiated a share buyback 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 stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday. Rosenblatt Securities raised their price objective on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday. Susquehanna raised their price objective on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a report on Friday. UBS Group raised their price objective on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday. Finally, Evercore ISI raised their price objective on Broadcom from $267.00 to $304.00 and gave the stock an “outperform” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $270.25.

Broadcom Company 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.