Broadcom Inc. (NASDAQ:AVGO) is Eagle Rock Investment Company LLC’s 2nd Largest Position

Eagle Rock Investment Company LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 129,525 shares of the semiconductor manufacturer’s stock after selling 18,079 shares during the period. Broadcom makes up 3.7% of Eagle Rock Investment Company LLC’s holdings, making the stock its 2nd biggest position. Eagle Rock Investment Company LLC’s holdings in Broadcom were worth $21,686,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Broadcom in the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC raised its position in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC raised its position in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Rosenblatt Securities upped their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday. William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Susquehanna upped their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday. Finally, Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $270.25.

Broadcom Stock Performance

Broadcom stock opened at $246.95 on Friday. The firm has a 50 day simple moving average of $203.73 and a 200-day simple moving average of $206.22. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the firm earned $10.96 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. 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 (DPR) is 113.46%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the company’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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.