Eagle Ridge Investment Management Sells 8,399 Shares of Broadcom Inc. (NASDAQ:AVGO)

Eagle Ridge Investment Management lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 324,015 shares of the semiconductor manufacturer’s stock after selling 8,399 shares during the period. Broadcom accounts for 6.6% of Eagle Ridge Investment Management’s investment portfolio, making the stock its biggest position. Eagle Ridge Investment Management’s holdings in Broadcom were worth $75,120,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. GHP Investment Advisors Inc. grew its holdings in Broadcom by 1.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 3,357 shares of the semiconductor manufacturer’s stock valued at $778,000 after buying an additional 57 shares during the period. McHugh Group LLC acquired a new stake in shares of Broadcom in the fourth quarter worth approximately $1,948,000. Silver Oak Securities Incorporated boosted its position in shares of Broadcom by 32.6% in the fourth quarter. Silver Oak Securities Incorporated now owns 25,236 shares of the semiconductor manufacturer’s stock worth $5,945,000 after acquiring an additional 6,198 shares during the last quarter. Etesian Wealth Advisors Inc. grew its holdings in Broadcom by 5.2% in the fourth quarter. Etesian Wealth Advisors Inc. now owns 2,219 shares of the semiconductor manufacturer’s stock valued at $514,000 after purchasing an additional 109 shares during the period. Finally, Spirepoint Private Client LLC increased its position in Broadcom by 2.3% during the fourth quarter. Spirepoint Private Client LLC now owns 87,568 shares of the semiconductor manufacturer’s stock worth $20,302,000 after purchasing an additional 1,929 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Down 2.8 %

NASDAQ:AVGO opened at $224.87 on Monday. The company has a market cap of $1.05 trillion, a PE ratio of 183.42, a P/E/G ratio of 2.42 and a beta of 1.02. The business’s 50 day moving average is $219.76 and its two-hundred day moving average is $184.32. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same period last year, the business posted $0.98 earnings per share. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.59 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 annualized dividend and a yield of 1.05%. Broadcom’s dividend payout ratio is 192.50%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AVGO shares. Benchmark reissued a “buy” rating and set a $255.00 price objective (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Susquehanna boosted their price target on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. TD Cowen raised their price objective on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Mizuho boosted their target price on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Finally, Bank of America raised their price target on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $225.04.

Insiders Place Their Bets

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the transaction, the director now directly owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 over the last quarter. Insiders own 2.00% of the company’s stock.

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.