Peregrine Investment Management Inc. Cuts Holdings in Broadcom Inc. $AVGO

Peregrine Investment Management Inc. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 30.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 25,690 shares of the semiconductor manufacturer’s stock after selling 11,480 shares during the quarter. Broadcom accounts for 5.5% of Peregrine Investment Management Inc.’s holdings, making the stock its 7th biggest holding. Peregrine Investment Management Inc.’s holdings in Broadcom were worth $8,891,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Miller Global Investments LLC bought a new position in shares of Broadcom during the 4th quarter valued at approximately $31,000. JCIC Asset Management Inc. bought a new position in shares of Broadcom during the 3rd quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. bought a new position in Broadcom in the 4th quarter valued at $33,000. Family CFO Inc bought a new position in Broadcom in the 4th quarter valued at $35,000. Finally, Manning & Napier Advisors LLC bought a new position in Broadcom in the 3rd quarter valued at $34,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO opened at $420.71 on Tuesday. Broadcom Inc. has a 12-month low of $221.60 and a 12-month high of $442.36. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80. The business’s fifty day simple moving average is $367.36 and its 200-day simple moving average is $354.90. The company has a market capitalization of $1.99 trillion, a price-to-earnings ratio of 82.17, a PEG ratio of 0.88 and a beta of 1.43.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. During the same quarter in the prior year, the company earned $1.60 EPS. The business’s revenue was up 29.5% compared to the same quarter last year. On average, equities research analysts anticipate that Broadcom Inc. will post 9.95 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. Broadcom’s dividend payout ratio is presently 50.78%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research analyst reports. TD Cowen reaffirmed a “buy” rating and issued a $500.00 price objective (up from $405.00) on shares of Broadcom in a research report on Friday. Royal Bank Of Canada cut their price objective on Broadcom from $370.00 to $340.00 and set a “sector perform” rating on the stock in a research report on Monday, March 2nd. Wolfe Research raised Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price objective on the stock in a research report on Friday, January 30th. Truist Financial upped their price objective on Broadcom from $510.00 to $545.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Finally, Morgan Stanley upped their price objective on Broadcom from $462.00 to $470.00 and gave the company an “overweight” rating in a research report on Friday, March 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $442.13.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 36,292 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $11,671,507.20. Following the transaction, the chief financial officer owned 327,760 shares of the company’s stock, valued at approximately $105,407,616. This represents a 9.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 50,488 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $16,236,940.80. Following the transaction, the insider directly owned 278,141 shares in the company, valued at $89,450,145.60. The trade was a 15.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 324,282 shares of company stock worth $106,425,249 over the last quarter. 1.90% of the stock is owned by corporate insiders.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.