Peregrine Investment Management Inc. Sells 18,330 Shares of Broadcom Inc. (NASDAQ:AVGO)

Peregrine Investment Management Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 45.8% in the first quarter, HoldingsChannel reports. The fund owned 21,670 shares of the semiconductor manufacturer’s stock after selling 18,330 shares during the period. Broadcom makes up approximately 2.7% of Peregrine Investment Management Inc.’s holdings, making the stock its 19th largest holding. Peregrine Investment Management Inc.’s holdings in Broadcom were worth $3,628,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC raised its holdings in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after acquiring an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock worth $51,283,000 after acquiring an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE raised its holdings in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock worth $5,917,000 after acquiring an additional 322 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its holdings in shares of Broadcom by 46.2% during the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer’s stock worth $4,528,000 after acquiring an additional 6,168 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the firm’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 829,716 shares of company stock valued at $216,933,761. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

AVGO stock opened at $274.38 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business’s fifty day simple moving average is $246.70 and its two-hundred day simple moving average is $218.72. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $281.18. The firm has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted $10.96 earnings per share. Analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom’s dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVGO. Rosenblatt Securities upped their price objective on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a “buy” rating in a report on Friday, June 6th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Hsbc Global Res raised Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group started coverage on Broadcom in a report on Thursday. They set a “buy” rating and a $315.00 price target on the stock. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Buy” and an average target price of $290.21.

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.