Red Cedar Investment Management LLC Has $8.07 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Red Cedar Investment Management LLC raised its position in Broadcom Inc. (NASDAQ:AVGO) by 1.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 7,228 shares of the semiconductor manufacturer’s stock after acquiring an additional 70 shares during the period. Broadcom makes up about 1.2% of Red Cedar Investment Management LLC’s holdings, making the stock its 12th largest position. Red Cedar Investment Management LLC’s holdings in Broadcom were worth $8,069,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Fund Management LLC grew its stake in shares of Broadcom by 6.0% in the 4th quarter. Royal Fund Management LLC now owns 4,888 shares of the semiconductor manufacturer’s stock worth $5,475,000 after acquiring an additional 277 shares in the last quarter. AJOVista LLC purchased a new stake in Broadcom in the 4th quarter valued at about $314,000. Todd Asset Management LLC lifted its position in shares of Broadcom by 26.3% during the 4th quarter. Todd Asset Management LLC now owns 79,765 shares of the semiconductor manufacturer’s stock worth $89,038,000 after buying an additional 16,608 shares in the last quarter. Ifrah Financial Services Inc. purchased a new position in shares of Broadcom in the 4th quarter worth approximately $204,000. Finally, Blue Fin Capital Inc. bought a new position in shares of Broadcom in the fourth quarter valued at approximately $203,000. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Oppenheimer reissued an “outperform” rating and issued a $1,500.00 price objective (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. The Goldman Sachs Group restated a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a report on Friday, January 19th. Mizuho boosted their target price on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a research note on Monday, April 8th. Finally, Benchmark reiterated a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Price Performance

Shares of AVGO traded up $39.54 during mid-day trading on Friday, reaching $1,278.11. 2,489,755 shares of the stock traded hands, compared to its average volume of 2,435,058. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 1 year low of $601.29 and a 1 year high of $1,438.17. The company has a market cap of $592.30 billion, a price-to-earnings ratio of 47.37, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25. The firm has a fifty day moving average price of $1,308.66 and a 200 day moving average price of $1,147.78.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period in the prior year, the company earned $9.83 EPS. As a group, equities research analysts predict that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.64%. Broadcom’s payout ratio is presently 77.84%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 over the last three months. 2.00% of the stock is owned by 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.