Broadcom Inc. (NASDAQ:AVGO) Stock Position Lowered by Red Wave Investments LLC

Red Wave Investments LLC lessened its position in Broadcom Inc. (NASDAQ:AVGO) by 5.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,443 shares of the semiconductor manufacturer’s stock after selling 258 shares during the quarter. Red Wave Investments LLC’s holdings in Broadcom were worth $1,030,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Peregrine Asset Advisers Inc. lifted its position in shares of Broadcom by 909.6% in the 4th quarter. Peregrine Asset Advisers Inc. now owns 23,119 shares of the semiconductor manufacturer’s stock valued at $5,360,000 after acquiring an additional 20,829 shares in the last quarter. Blackston Financial Advisory Group LLC lifted its position in shares of Broadcom by 21.1% in the 4th quarter. Blackston Financial Advisory Group LLC now owns 5,263 shares of the semiconductor manufacturer’s stock valued at $1,220,000 after acquiring an additional 917 shares in the last quarter. Capital Advisory Group Advisory Services LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $357,000. Lane & Associates LLC lifted its position in shares of Broadcom by 14.1% in the 4th quarter. Lane & Associates LLC now owns 1,519 shares of the semiconductor manufacturer’s stock valued at $336,000 after acquiring an additional 188 shares in the last quarter. Finally, Physicians Financial Services Inc. lifted its position in shares of Broadcom by 1.6% in the 4th quarter. Physicians Financial Services Inc. now owns 16,130 shares of the semiconductor manufacturer’s stock valued at $3,740,000 after acquiring an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $218.61 on Monday. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The firm’s fifty day simple moving average is $230.09 and its 200 day simple moving average is $190.49. 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 firm has a market capitalization of $1.02 trillion, a PE ratio of 178.32, a PEG ratio of 2.37 and a beta of 1.02.

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

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 1.08%. Broadcom’s dividend payout ratio is 192.50%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total value of $4,815,916.72. Following the completion of the sale, the insider now directly owns 321,660 shares of the company’s stock, valued at $76,809,191.40. This represents a 5.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock valued at $44,964,800 in the last ninety days. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 target price on shares of Broadcom in a research report on Wednesday, December 11th. Evercore ISI increased their target price on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Morgan Stanley cut their target price on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. TD Cowen increased their target price on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Truist Financial increased their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research 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. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average target price of $225.04.

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.