Broadcom Inc. (NASDAQ:AVGO) is Elk River Wealth Management LLC’s 9th Largest Position

Elk River Wealth Management LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,158 shares of the semiconductor manufacturer’s stock after selling 5,297 shares during the period. Broadcom comprises about 3.4% of Elk River Wealth Management LLC’s portfolio, making the stock its 9th biggest position. Elk River Wealth Management LLC’s holdings in Broadcom were worth $17,942,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in Broadcom in the 4th quarter valued at approximately $16,893,010,000. GAMMA Investing LLC grew its stake in 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 in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in 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 period. GQG Partners LLC increased its holdings in 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 period. Finally, Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AVGO. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday. UBS Group raised their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday. Barclays lowered their target price on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Evercore ISI raised their price target on Broadcom from $267.00 to $304.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Morgan Stanley upped their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $270.25.

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 over the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Down 5.0%

NASDAQ AVGO opened at $246.95 on Friday. The firm’s fifty day moving average is $203.73 and its two-hundred day moving average is $206.22. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a market cap of $1.16 trillion, a PE ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11.

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is 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.