RiverGlades Family Offices LLC Buys Shares of 131 Broadcom Inc. (NASDAQ:AVGO)

RiverGlades Family Offices LLC purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the second quarter, HoldingsChannel reports. The firm purchased 131 shares of the semiconductor manufacturer’s stock, valued at approximately $210,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legend Financial Advisors Inc. grew its position in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares in the last quarter. Richardson Capital Management LLC acquired a new position in shares of Broadcom in the first quarter worth $29,000. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new position in Broadcom in the first quarter valued at $36,000. Finally, Ulland Investment Advisors LLC acquired a new position in Broadcom during the 1st quarter worth $37,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on AVGO shares. UBS Group lowered their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Citigroup reissued a “buy” rating and issued a $156.00 price objective on shares of Broadcom in a research report on Tuesday, June 11th. Jefferies Financial Group boosted their target price on shares of Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of Broadcom in a report on Friday, September 6th. Finally, Evercore ISI increased their price objective on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

Insider Activity

In other news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $171.10 on Friday. The company has a 50-day moving average of $156.81 and a two-hundred day moving average of $146.91. The stock has a market cap of $796.45 billion, a P/E ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 EPS. As a group, research analysts predict that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. Broadcom’s dividend payout ratio (DPR) is 9.12%.

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.