Red Tortoise LLC Sells 20 Shares of Broadcom Inc. (NASDAQ:AVGO)

Red Tortoise LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 24.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 62 shares of the semiconductor manufacturer’s stock after selling 20 shares during the period. Red Tortoise LLC’s holdings in Broadcom were worth $69,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. BKM Wealth Management LLC bought a new position in Broadcom during the fourth quarter worth $29,000. CKW Financial Group bought a new position in Broadcom during the fourth quarter worth $30,000. Macroview Investment Management LLC bought a new position in Broadcom during the third quarter worth $29,000. PrairieView Partners LLC raised its stake in Broadcom by 178.6% during the fourth quarter. PrairieView Partners LLC now owns 39 shares of the semiconductor manufacturer’s stock worth $44,000 after buying an additional 25 shares during the last quarter. Finally, Rise Advisors LLC raised its stake in Broadcom by 33.3% during the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after buying an additional 10 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Benchmark reissued a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Barclays lifted their target price on shares of Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research note on Monday, April 8th. Cantor Fitzgerald raised their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Finally, TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Stock Down 3.5 %

Shares of NASDAQ AVGO traded down $46.43 during mid-day trading on Wednesday, reaching $1,282.63. 2,469,884 shares of the company’s stock traded hands, compared to its average volume of 2,954,472. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The business has a 50-day simple moving average of $1,306.49 and a 200 day simple moving average of $1,114.01. Broadcom Inc. has a 1-year low of $601.29 and a 1-year high of $1,438.17. The stock has a market cap of $594.40 billion, a P/E ratio of 47.95, a PEG ratio of 2.67 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same period last year, the firm earned $9.83 earnings per share. The firm’s revenue was up 34.2% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 35.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Insider Activity at Broadcom

In related news, Director Justine Page sold 110 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the transaction, the director now directly owns 3,125 shares of the company’s stock, valued at $4,134,375. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 110 shares of Broadcom stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the sale, the director now directly owns 3,125 shares in the company, valued at approximately $4,134,375. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock valued at $40,306,667 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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.