Red Wave Investments LLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Red Wave Investments LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 22.0% during the 4th quarter, Holdings Channel reports. The firm owned 493 shares of the semiconductor manufacturer’s stock after purchasing an additional 89 shares during the quarter. Red Wave Investments LLC’s holdings in Broadcom were worth $550,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AVGO. Stuart Chaussee & Associates Inc. purchased a new stake in Broadcom during the 4th quarter worth about $25,000. PSI Advisors LLC grew its holdings in shares of Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 10 shares in the last quarter. Macroview Investment Management LLC acquired a new position in shares of Broadcom in the third quarter valued at approximately $29,000. BKM Wealth Management LLC acquired a new position in Broadcom in the 4th quarter valued at $29,000. Finally, CKW Financial Group purchased a new position in shares of Broadcom during the 4th quarter worth $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Evercore ISI started coverage on Broadcom in a report on Tuesday, April 16th. They issued an “outperform” rating and a $1,620.00 price target for the company. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Oppenheimer reissued an “outperform” rating and issued a $1,500.00 target price (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $1,720.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Trading Down 0.2 %

NASDAQ AVGO opened at $1,341.81 on Monday. The stock has a market cap of $621.82 billion, a P/E ratio of 49.82, a PEG ratio of 2.74 and a beta of 1.25. The company’s fifty day simple moving average is $1,306.70 and its 200-day simple moving average is $1,137.84. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.83 EPS. Equities research analysts predict that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Insider Activity

In other news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the sale, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The disclosure for this sale can be found here. In the last three months, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by insiders.

Broadcom Company 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.