Broadcom Inc. (NASDAQ:AVGO) is Convergence Investment Partners LLC’s 2nd Largest Position

Convergence Investment Partners LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,158 shares of the semiconductor manufacturer’s stock after selling 699 shares during the quarter. Broadcom makes up approximately 3.0% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 2nd largest position. Convergence Investment Partners LLC’s holdings in Broadcom were worth $5,757,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Walkner Condon Financial Advisors LLC lifted its stake in shares of Broadcom by 7.9% in the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 343 shares of the semiconductor manufacturer’s stock valued at $285,000 after purchasing an additional 25 shares during the last quarter. U.S. Capital Wealth Advisors LLC lifted its stake in shares of Broadcom by 15.5% in the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 4,214 shares of the semiconductor manufacturer’s stock valued at $3,500,000 after purchasing an additional 566 shares during the last quarter. Trust Co. of Toledo NA OH lifted its stake in shares of Broadcom by 77.1% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 1,222 shares of the semiconductor manufacturer’s stock valued at $1,015,000 after purchasing an additional 532 shares during the last quarter. Lake Street Financial LLC lifted its stake in shares of Broadcom by 3.6% in the 3rd quarter. Lake Street Financial LLC now owns 2,673 shares of the semiconductor manufacturer’s stock valued at $2,224,000 after purchasing an additional 93 shares during the last quarter. Finally, Bremer Bank National Association raised its holdings in shares of Broadcom by 1.5% in the 3rd quarter. Bremer Bank National Association now owns 2,566 shares of the semiconductor manufacturer’s stock valued at $2,131,000 after buying an additional 38 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the sale, the insider now directly owns 46,974 shares of the company’s stock, valued at $61,957,296.78. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock valued at $40,306,667 in the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 3.8 %

Shares of AVGO traded up $49.65 during mid-day trading on Friday, reaching $1,344.07. The company’s stock had a trading volume of 2,409,983 shares, compared to its average volume of 2,322,994. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The stock has a market cap of $622.87 billion, a PE ratio of 49.82, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The company’s 50 day moving average is $1,306.70 and its 200 day moving average is $1,135.99.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter in the prior year, the business posted $9.83 EPS. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.56%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Rosenblatt Securities reiterated a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a report on Monday, April 8th. Finally, Benchmark reiterated a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $1,285.41.

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.