Ridgewood Investments LLC Has $1.34 Million Stake in Broadcom Inc. $AVGO

Ridgewood Investments LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 29.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,055 shares of the semiconductor manufacturer’s stock after selling 1,719 shares during the quarter. Ridgewood Investments LLC’s holdings in Broadcom were worth $1,338,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Longfellow Investment Management Co. LLC bought a new stake in shares of Broadcom during the second quarter worth about $27,000. Teachers Insurance & Annuity Association of America acquired a new position in Broadcom during the 2nd quarter valued at about $28,000. LGT Financial Advisors LLC bought a new stake in Broadcom during the 2nd quarter worth approximately $31,000. New England Capital Financial Advisors LLC bought a new stake in Broadcom during the 2nd quarter worth approximately $31,000. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Broadcom in the third quarter worth approximately $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the transaction, the chief financial officer owned 277,237 shares of the company’s stock, valued at $96,428,573.34. This represents a 9.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 1,928 shares of the stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the transaction, the insider owned 23,582 shares of the company’s stock, valued at $7,730,179.60. The trade was a 7.56% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 779,901 shares of company stock valued at $284,069,237. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $332.79 on Wednesday. The company has a market capitalization of $1.58 trillion, a PE ratio of 69.91, a price-to-earnings-growth ratio of 1.08 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The company has a 50-day simple moving average of $356.69 and a 200 day simple moving average of $336.92.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. During the same period in the prior year, the firm earned $1.42 EPS. The company’s revenue was up 28.2% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, December 22nd. Broadcom’s dividend payout ratio is currently 54.62%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. TD Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. UBS Group set a $475.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a report on Monday, December 15th. Morgan Stanley increased their target price on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a report on Friday, December 12th. Wall Street Zen raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Finally, Evercore ISI upped their price objective on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Buy” and a consensus target price of $438.61.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.