Broadcom Inc. $AVGO Stock Holdings Lessened by Cove Street Capital LLC

Cove Street Capital LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 14.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,200 shares of the semiconductor manufacturer’s stock after selling 200 shares during the period. Cove Street Capital LLC’s holdings in Broadcom were worth $201,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom during the 1st quarter worth approximately $25,000. Cheviot Value Management LLC purchased a new position in Broadcom during the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC purchased a new position in Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter worth approximately $30,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AVGO. UBS Group lifted their price objective on shares of Broadcom from $290.00 to $345.00 and gave the stock a “buy” rating in a research report on Monday, August 25th. Barclays lifted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Bank of America boosted their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a report on Friday, June 6th. Finally, HSBC upgraded shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a report on Tuesday, June 24th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Buy” and an average target price of $302.58.

Broadcom Trading Up 1.4%

Shares of NASDAQ:AVGO opened at $302.39 on Thursday. The stock has a market capitalization of $1.42 trillion, a PE ratio of 113.25, a P/E/G ratio of 2.11 and a beta of 1.16. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $317.35. The firm has a fifty day moving average price of $290.06 and a 200 day moving average price of $236.01. 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 (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Broadcom’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $10.96 earnings per share. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $307.46, for a total value of $245,968.00. Following the completion of the sale, the director directly owned 23,782 shares in the company, valued at approximately $7,312,013.72. This represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the company’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company’s stock, valued at $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,286,457 in the last three months. 2.00% of the stock is currently owned by company insiders.

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.