Everest Management Corp. Purchases 12,577 Shares of Broadcom Inc. (NASDAQ:AVGO)

Everest Management Corp. raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 157.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 20,577 shares of the semiconductor manufacturer’s stock after acquiring an additional 12,577 shares during the period. Broadcom accounts for about 3.1% of Everest Management Corp.’s holdings, making the stock its 7th biggest position. Everest Management Corp.’s holdings in Broadcom were worth $3,445,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the 4th quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Broadcom stock opened at $246.95 on Monday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.16 trillion, a P/E ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The stock has a 50 day moving average of $203.73 and a 200-day moving average of $206.81.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (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 analysts’ expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $10.96 earnings per share. On average, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has authorized a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom’s payout ratio is 88.39%.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares of the company’s stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Morgan Stanley lifted their target price on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price for the company. Bank of America raised their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a report on Friday. Finally, Barclays decreased their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $270.25.

Broadcom 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.