Eagle Ridge Investment Management Trims Holdings in Broadcom Inc (AVGO)

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Eagle Ridge Investment Management trimmed its holdings in shares of Broadcom Inc (NASDAQ:AVGO) by 2.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,178 shares of the semiconductor manufacturer’s stock after selling 671 shares during the quarter. Broadcom accounts for about 1.3% of Eagle Ridge Investment Management’s portfolio, making the stock its 27th largest position. Eagle Ridge Investment Management’s holdings in Broadcom were worth $8,774,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Ruggie Capital Group acquired a new position in shares of Broadcom in the 4th quarter worth approximately $25,000. AlphaOne Investment Services LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $25,000. First Financial Corp IN acquired a new position in shares of Broadcom in the 1st quarter worth approximately $30,000. Daiwa SB Investments Ltd. acquired a new position in shares of Broadcom in the 1st quarter worth approximately $30,000. Finally, CX Institutional lifted its position in shares of Broadcom by 555.6% in the 1st quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock worth $35,000 after purchasing an additional 100 shares during the period. 86.96% of the stock is currently owned by hedge funds and other institutional investors.

AVGO opened at $289.89 on Friday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.27. Broadcom Inc has a 1-year low of $197.46 and a 1-year high of $323.20. The firm has a market cap of $114.75 billion, a price-to-earnings ratio of 15.55, a price-to-earnings-growth ratio of 1.35 and a beta of 0.68.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.32 by $1.23. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The firm had revenue of $5.79 billion for the quarter, compared to the consensus estimate of $5.83 billion. During the same quarter in the prior year, the company posted $5.12 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc will post 17.65 earnings per share for the current year.

In other Broadcom news, SVP Charlie B. Kawwas sold 9,330 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total transaction of $2,761,026.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas H. Krause sold 14,494 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total transaction of $4,282,252.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,824 shares of company stock worth $26,390,919. Corporate insiders own 3.30% of the company’s stock.

A number of research analysts have recently issued reports on AVGO shares. BidaskClub upgraded shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 24th. Piper Jaffray Companies restated an “overweight” rating and issued a $310.00 price target on shares of Broadcom in a research report on Thursday, February 14th. Cowen downgraded shares of Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 target price on the stock. in a research report on Friday, February 22nd. Mizuho boosted their target price on shares of Broadcom from $295.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Barclays boosted their target price on shares of Broadcom from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-nine have given a buy rating to the company’s stock. Broadcom has a consensus rating of “Buy” and a consensus price target of $304.88.

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Broadcom Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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