Richardson Financial Services Inc. Buys 175 Shares of Broadcom Inc. (NASDAQ:AVGO)

Richardson Financial Services Inc. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,682 shares of the semiconductor manufacturer’s stock after acquiring an additional 175 shares during the period. Richardson Financial Services Inc.’s holdings in Broadcom were worth $632,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Central Pacific Bank Trust Division grew its stake in shares of Broadcom by 21.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after buying an additional 3,707 shares during the last quarter. Wolff Financial Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $244,000. Strait & Sound Wealth Management LLC grew its stake in shares of Broadcom by 829.8% during the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after buying an additional 7,095 shares during the last quarter. Catalyst Financial Partners LLC grew its stake in shares of Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock worth $3,473,000 after buying an additional 18,206 shares during the last quarter. Finally, Motive Wealth Advisors grew its stake in shares of Broadcom by 1,076.5% during the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after buying an additional 4,209 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $222.43 on Wednesday. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The stock has a market capitalization of $1.04 trillion, a PE ratio of 181.43, a price-to-earnings-growth ratio of 2.31 and a beta of 1.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company’s 50-day moving average is $214.47 and its 200-day moving average is $182.60.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $14.07 billion. During the same quarter last year, the firm earned $0.98 EPS. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a yield of 1.06%. Broadcom’s dividend payout ratio (DPR) is presently 192.50%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a research note on Wednesday, December 11th. Robert W. Baird boosted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Evercore ISI boosted their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. TD Cowen boosted their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $225.04.

Insider Activity at Broadcom

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