Riversedge Advisors LLC Buys New Stake in Broadcom Inc. (NASDAQ:AVGO)

Riversedge Advisors LLC purchased a new position in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 182 shares of the semiconductor manufacturer’s stock, valued at approximately $203,000.

A number of other institutional investors have also recently made changes to their positions in AVGO. Anderson Hoagland & Co. lifted its position in shares of Broadcom by 13.3% in the fourth quarter. Anderson Hoagland & Co. now owns 2,432 shares of the semiconductor manufacturer’s stock worth $2,712,000 after buying an additional 285 shares in the last quarter. Kingdom Financial Group LLC. boosted its position in shares of Broadcom by 8.7% during the 4th quarter. Kingdom Financial Group LLC. now owns 288 shares of the semiconductor manufacturer’s stock valued at $322,000 after acquiring an additional 23 shares during the last quarter. Red Door Wealth Management LLC grew its holdings in shares of Broadcom by 18.2% in the fourth quarter. Red Door Wealth Management LLC now owns 740 shares of the semiconductor manufacturer’s stock valued at $826,000 after purchasing an additional 114 shares in the last quarter. Aprio Wealth Management LLC increased its position in Broadcom by 24.3% in the fourth quarter. Aprio Wealth Management LLC now owns 1,255 shares of the semiconductor manufacturer’s stock worth $1,400,000 after purchasing an additional 245 shares during the last quarter. Finally, Armstrong Advisory Group Inc. raised its stake in Broadcom by 74.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 197 shares of the semiconductor manufacturer’s stock valued at $220,000 after purchasing an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The stock was 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 directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Kirsten M. Spears sold 2,500 shares of Broadcom stock in a transaction on Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the transaction, the chief financial officer now owns 26,880 shares in the company, valued at approximately $28,039,603.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $12,715,270.80. Following the transaction, the director now directly owns 45 shares in the company, valued at approximately $62,465.85. The disclosure for this sale can be found here. Insiders have sold a total of 14,810 shares of company stock worth $19,387,692 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Down 1.5 %

Shares of AVGO stock opened at $1,331.49 on Wednesday. Broadcom Inc. has a 1-year low of $601.29 and a 1-year high of $1,438.17. The company has a market cap of $617.04 billion, a price-to-earnings ratio of 49.35, a PEG ratio of 2.85 and a beta of 1.26. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The stock has a 50 day simple moving average of $1,263.22 and a 200-day simple moving average of $1,058.13.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the prior year, the business posted $9.83 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 36.8 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, March 21st will be issued a dividend of $5.25 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.58%. Broadcom’s payout ratio is currently 77.84%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Truist Financial boosted their target price on shares of Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a report on Friday, December 8th. The Goldman Sachs Group reiterated a “buy” rating and issued a $1,325.00 target price on shares of Broadcom in a report on Friday, January 19th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $1,700.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Finally, TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Three analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,230.18.

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.