Ridgewood Investments LLC Buys 4,351 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ridgewood Investments LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 43,510.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,361 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,351 shares during the quarter. Ridgewood Investments LLC’s holdings in Broadcom were worth $752,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Vanguard Group Inc. grew its stake in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Jennison Associates LLC grew its position in shares of Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after buying an additional 1,263,957 shares during the period. Legal & General Group Plc increased its stake in shares of Broadcom by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock worth $6,362,816,000 after acquiring an additional 83,846 shares in the last quarter. GQG Partners LLC lifted its position in Broadcom by 48.9% during the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after acquiring an additional 983,328 shares during the period. Finally, Swedbank AB bought a new stake in Broadcom during the first quarter worth about $2,835,737,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent research reports. William Blair assumed coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Oppenheimer cut their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Bank of America reaffirmed a “buy” rating and issued a $215.00 price target (up previously from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Finally, StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $167.14, for a total value of $1,671,400.00. Following the completion of the transaction, the chief executive officer now owns 1,171,910 shares of the company’s stock, valued at approximately $195,873,037.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the 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 sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,171,910 shares in the company, valued at $195,873,037.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 243,452 shares of company stock worth $52,950,238. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

AVGO stock traded up $4.75 during midday trading on Friday, reaching $176.64. 17,941,387 shares of the company’s stock traded hands, compared to its average volume of 31,198,639. The stock’s 50-day moving average is $159.64 and its 200 day moving average is $149.81. The stock has a market cap of $822.24 billion, a P/E ratio of 7.60, a PEG ratio of 2.78 and a beta of 1.17. Broadcom Inc. has a 52-week low of $81.17 and a 52-week 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 released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 earnings per share. As a group, analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.20%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 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.