Red Wave Investments LLC Sells 258 Shares of Broadcom Inc. (NASDAQ:AVGO)

Red Wave Investments LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.5% in the fourth quarter, Holdings Channel.com reports. The fund 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Pin Oak Investment Advisors Inc. lifted its holdings in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. JDM Financial Group LLC lifted its holdings in Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares during the last quarter. Retirement Wealth Solutions LLC bought a new position in Broadcom during the 4th quarter valued at about $37,000. R Squared Ltd bought a new position in Broadcom during the 4th quarter valued at about $39,000. Finally, Cedar Wealth Management LLC lifted its holdings in Broadcom by 900.0% during the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock valued at $41,000 after purchasing an additional 216 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Down 3.6 %

Shares of NASDAQ AVGO opened at $218.61 on Monday. The stock has a market cap of $1.02 trillion, a P/E ratio of 178.32, a P/E/G ratio of 2.37 and a beta of 1.02. The firm has a 50 day moving average price of $230.09 and a 200 day moving average price of $190.49. 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 52-week low of $119.76 and a 52-week high of $251.88.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data 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. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 earnings per share. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company 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. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 1.08%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 192.50%.

Insider Activity at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the transaction, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. The trade was a 5.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AVGO. Jefferies Financial Group lifted their price target on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Susquehanna raised their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. Benchmark restated a “buy” rating and issued a $255.00 price objective (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Truist Financial raised their price objective on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, TD Cowen raised their price objective on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target 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.