Paradiem LLC Has $11.03 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Paradiem LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.2% in the first quarter, HoldingsChannel.com reports. The firm owned 65,881 shares of the semiconductor manufacturer’s stock after selling 5,081 shares during the period. Broadcom comprises about 3.0% of Paradiem LLC’s investment portfolio, making the stock its 16th largest holding. Paradiem LLC’s holdings in Broadcom were worth $11,030,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. MBE Wealth Management LLC lifted its position in shares of Broadcom by 64.3% during the first quarter. MBE Wealth Management LLC now owns 1,454 shares of the semiconductor manufacturer’s stock valued at $243,000 after purchasing an additional 569 shares in the last quarter. Wolff Wiese Magana LLC increased its stake in Broadcom by 2.9% in the 1st quarter. Wolff Wiese Magana LLC now owns 16,096 shares of the semiconductor manufacturer’s stock valued at $2,695,000 after buying an additional 452 shares during the last quarter. Cassia Capital Partners LLC lifted its position in shares of Broadcom by 41.5% during the 1st quarter. Cassia Capital Partners LLC now owns 5,541 shares of the semiconductor manufacturer’s stock worth $928,000 after buying an additional 1,624 shares in the last quarter. Genesee Capital Advisors LLC boosted its stake in shares of Broadcom by 1.6% in the 1st quarter. Genesee Capital Advisors LLC now owns 11,542 shares of the semiconductor manufacturer’s stock worth $1,933,000 after buying an additional 179 shares during the last quarter. Finally, Avantra Family Wealth Inc. boosted its stake in shares of Broadcom by 4.0% in the 1st quarter. Avantra Family Wealth Inc. now owns 7,147 shares of the semiconductor manufacturer’s stock worth $1,197,000 after buying an additional 278 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on AVGO shares. Barclays increased their price target on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Rosenblatt Securities boosted their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Citigroup raised their price objective on shares of Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Finally, Bank of America lifted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $250.35, for a total transaction of $200,280.00. Following the completion of the transaction, the director now directly owns 25,382 shares in the company, valued at $6,354,383.70. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider now directly owns 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 819,134 shares of company stock valued at $157,921,449. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Down 0.5%

AVGO stock opened at $249.99 on Monday. The stock has a 50-day simple moving average of $220.48 and a two-hundred day simple moving average of $212.76. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The firm has a market capitalization of $1.18 trillion, a PE ratio of 93.63, a PEG ratio of 1.78 and a beta of 1.11. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom’s revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business earned $10.96 earnings per share. On average, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal 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 issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Broadcom declared that its board has approved a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.