Great Diamond Partners LLC Decreases Stake in Broadcom Inc. $AVGO

Great Diamond Partners LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,654 shares of the semiconductor manufacturer’s stock after selling 1,863 shares during the quarter. Broadcom makes up approximately 1.3% of Great Diamond Partners LLC’s portfolio, making the stock its 15th largest holding. Great Diamond Partners LLC’s holdings in Broadcom were worth $5,969,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Assetmark Inc. lifted its position in Broadcom by 2.4% during the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after purchasing an additional 39,466 shares during the period. Capital Counsel LLC NY bought a new stake in Broadcom in the 2nd quarter worth approximately $221,000. Waterloo Capital L.P. grew its position in Broadcom by 7.0% in the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after purchasing an additional 3,180 shares during the period. Geneos Wealth Management Inc. raised its stake in Broadcom by 27.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after buying an additional 13,978 shares during the last quarter. Finally, RiverFront Investment Group LLC lifted its holdings in shares of Broadcom by 107.6% during the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after buying an additional 8,566 shares during the period. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several research analyst reports. Bank of America lifted their price objective on Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Monday. Evercore ISI raised their target price on Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Sanford C. Bernstein boosted their price target on Broadcom from $295.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, September 5th. Deutsche Bank Aktiengesellschaft set a $400.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Finally, Rosenblatt Securities raised their price objective on shares of Broadcom from $340.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $383.00.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 16,558 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the sale, the insider directly owned 329,302 shares in the company, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 3,893 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total value of $1,354,063.26. Following the transaction, the insider directly owned 25,295 shares of the company’s stock, valued at approximately $8,798,106.90. The trade was a 13.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have purchased 3,550 shares of company stock worth $1,227,869 and have sold 665,271 shares worth $225,483,192. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Down 0.3%

Broadcom stock opened at $380.61 on Thursday. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $403.00. The firm’s 50 day moving average price is $354.78 and its 200-day moving average price is $309.96. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. The stock has a market cap of $1.80 trillion, a P/E ratio of 97.09, a PEG ratio of 1.30 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.03. The company had revenue of $15.95 billion during the quarter, compared to analysts’ expectations of $15.82 billion. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. Broadcom’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period last year, the company posted $1.24 earnings per share. On average, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

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.