Redmond Asset Management LLC Makes New $1.25 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Redmond Asset Management LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,390 shares of the semiconductor manufacturer’s stock, valued at approximately $1,250,000.

Several other hedge funds also recently modified their holdings of the business. Pin Oak Investment Advisors Inc. lifted its position in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the period. Retirement Wealth Solutions LLC acquired a new position in shares of Broadcom in the fourth quarter valued at $37,000. R Squared Ltd bought a new position in Broadcom in the fourth quarter worth $39,000. JDM Financial Group LLC boosted its stake in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 172 shares in the last quarter. Finally, Asset Planning Inc bought a new stake in Broadcom in the 4th quarter valued at $46,000. 76.43% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Harry L. You sold 6,540 shares of Broadcom 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 transaction, the director now owns 30,450 shares of the company’s stock, valued at $7,308,000. This trade represents a 17.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,278 shares of company stock valued at $44,964,800. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Down 4.9 %

Shares of AVGO opened at $207.93 on Tuesday. The stock’s fifty day simple moving average is $229.25 and its 200-day simple moving average is $190.93. The firm has a market capitalization of $974.64 billion, a PE ratio of 169.60, a price-to-earnings-growth ratio of 2.37 and a beta of 1.02. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its earnings results 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 company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 EPS. As a group, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 1.13%. Broadcom’s dividend payout ratio (DPR) is presently 192.50%.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of analyst reports. Bank of America raised their price objective on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Evercore ISI raised their price target 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. Benchmark reiterated a “buy” rating and issued a $255.00 price objective (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Citigroup raised their target price on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Finally, Mizuho upped their price target on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $225.04.

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.