Ridgecrest Wealth Partners LLC Decreases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Ridgecrest Wealth Partners LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 91.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,392 shares of the semiconductor manufacturer’s stock after selling 35,058 shares during the period. Ridgecrest Wealth Partners LLC’s holdings in Broadcom were worth $786,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Webster Bank N. A. boosted its holdings in shares of Broadcom by 2.4% in the fourth quarter. Webster Bank N. A. now owns 10,949 shares of the semiconductor manufacturer’s stock worth $2,538,000 after buying an additional 256 shares during the last quarter. Center For Asset Management LLC grew its position in shares of Broadcom by 1.0% during the 4th quarter. Center For Asset Management LLC now owns 12,156 shares of the semiconductor manufacturer’s stock valued at $2,818,000 after acquiring an additional 115 shares during the period. United Asset Strategies Inc. increased its stake in shares of Broadcom by 1.4% in the 4th quarter. United Asset Strategies Inc. now owns 16,119 shares of the semiconductor manufacturer’s stock worth $3,737,000 after purchasing an additional 223 shares in the last quarter. waypoint wealth counsel raised its holdings in Broadcom by 4.4% in the 4th quarter. waypoint wealth counsel now owns 3,916 shares of the semiconductor manufacturer’s stock worth $908,000 after purchasing an additional 165 shares during the period. Finally, KBC Group NV grew its holdings in Broadcom by 34.6% during the fourth quarter. KBC Group NV now owns 3,465,337 shares of the semiconductor manufacturer’s stock valued at $803,403,000 after purchasing an additional 890,437 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $206.35 on Thursday. The firm’s 50 day simple moving average is $210.37 and its 200-day simple moving average is $181.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a one year low of $117.43 and a one year high of $251.88. The firm has a market cap of $967.24 billion, a PE ratio of 168.31, a price-to-earnings-growth ratio of 2.52 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same period in the prior year, the business earned $0.98 EPS. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. As a group, equities 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 issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.14%. 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. Broadcom’s dividend payout ratio (DPR) is presently 192.50%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Bank of America raised their target price on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Mizuho increased their price target on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Evercore ISI boosted their price objective on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Jefferies Financial Group increased their target price on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $225.04.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. This trade represents a 5.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now directly owns 30,450 shares of the company’s stock, valued at $7,308,000. The trade was a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

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.