Edgestream Partners L.P. Cuts Position in Broadcom Inc. $AVGO

Edgestream Partners L.P. decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 64.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,292 shares of the semiconductor manufacturer’s stock after selling 7,771 shares during the period. Edgestream Partners L.P.’s holdings in Broadcom were worth $1,328,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bartlett & CO. Wealth Management LLC grew its position in shares of Broadcom by 129.3% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 110,048 shares of the semiconductor manufacturer’s stock worth $34,061,000 after acquiring an additional 62,050 shares in the last quarter. Sovran Advisors LLC increased its holdings in shares of Broadcom by 121.3% in the 4th quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer’s stock valued at $10,507,000 after acquiring an additional 16,789 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Broadcom by 406.1% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer’s stock valued at $4,151,000 after acquiring an additional 9,624 shares in the last quarter. Aspiriant LLC raised its position in shares of Broadcom by 18.5% during the 4th quarter. Aspiriant LLC now owns 12,016 shares of the semiconductor manufacturer’s stock valued at $4,158,000 after acquiring an additional 1,872 shares in the last quarter. Finally, Western Financial Corp CA lifted its stake in Broadcom by 90.5% during the fourth quarter. Western Financial Corp CA now owns 6,481 shares of the semiconductor manufacturer’s stock worth $2,243,000 after purchasing an additional 3,079 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVGO. Wells Fargo & Company reiterated an “overweight” rating and set a $545.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. Jefferies Financial Group set a $550.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research report on Thursday, June 4th. Mizuho lifted their price target on shares of Broadcom from $480.00 to $530.00 and gave the company an “outperform” rating in a report on Thursday, June 4th. Zacks Research lowered shares of Broadcom from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Finally, DA Davidson raised their target price on shares of Broadcom from $375.00 to $400.00 and gave the stock a “neutral” rating in a report on Thursday, June 4th. Twenty-eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $493.24.

Broadcom Stock Up 0.8%

Broadcom stock opened at $392.23 on Tuesday. The company has a 50-day simple moving average of $393.64 and a 200-day simple moving average of $368.48. The firm has a market capitalization of $1.87 trillion, a P/E ratio of 65.37, a P/E/G ratio of 0.74 and a beta of 1.45. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a one year low of $281.87 and a one year high of $495.00.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. Broadcom’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same period last year, the firm posted $1.58 EPS. As a group, equities analysts expect that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom’s payout ratio is 43.33%.

Insiders Place Their Bets

In related news, Director Gayla J. Delly sold 1,890 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $385.38, for a total value of $728,368.20. Following the completion of the transaction, the director directly owned 31,326 shares of the company’s stock, valued at $12,072,413.88. This represents a 5.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 1,602 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $373.86, for a total value of $598,923.72. Following the completion of the sale, the director owned 17,426 shares in the company, valued at approximately $6,514,884.36. This represents a 8.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 61,644 shares of company stock valued at $24,016,214. Corporate insiders own 1.90% of the company’s stock.

About Broadcom

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.