Edgestream Partners L.P. Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Edgestream Partners L.P. lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 2,491.7% in the 3rd quarter, Holdings Channel reports. The firm owned 14,047 shares of the semiconductor manufacturer’s stock after purchasing an additional 13,505 shares during the quarter. Edgestream Partners L.P.’s holdings in Broadcom were worth $2,423,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Lion Street Advisors LLC boosted its stake in shares of Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after acquiring an additional 6 shares in the last quarter. Optimum Investment Advisors grew its holdings in Broadcom by 0.6% in the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after purchasing an additional 8 shares during the last quarter. Shira Ridge Wealth Management increased its position in shares of Broadcom by 6.3% in the second quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer’s stock valued at $273,000 after buying an additional 10 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its stake in shares of Broadcom by 1.4% during the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock worth $1,161,000 after buying an additional 10 shares during the last quarter. Finally, VanderPol Investments L.L.C. boosted its position in shares of Broadcom by 7.0% in the 2nd quarter. VanderPol Investments L.L.C. now owns 198 shares of the semiconductor manufacturer’s stock worth $318,000 after buying an additional 13 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. The trade was a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last quarter. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on AVGO. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group increased their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, UBS Group lifted their price objective on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Trading Up 2.7 %

Shares of AVGO opened at $166.51 on Tuesday. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The stock’s 50-day moving average is $173.39 and its two-hundred day moving average is $161.69. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a market cap of $777.70 billion, a PE ratio of 144.79, a P/E/G ratio of 1.91 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the company posted $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. Equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.27%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

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.