RFP Financial Group LLC Acquires New Shares in Broadcom Inc. (NASDAQ:AVGO)

RFP Financial Group LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 1,040 shares of the semiconductor manufacturer’s stock, valued at approximately $241,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. State Street Corp lifted its position in Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares during the period. Geode Capital Management LLC raised its stake in Broadcom by 976.6% during the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after buying an additional 89,975,941 shares during the last quarter. FMR LLC lifted its holdings in shares of Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after buying an additional 82,998,328 shares during the period. Jennison Associates LLC lifted its holdings in shares of Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after buying an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after buying an additional 30,674,902 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $235.04 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The business has a 50 day simple moving average of $221.13 and a two-hundred day simple moving average of $185.16. The stock has a market capitalization of $1.10 trillion, a PE ratio of 191.71, a P/E/G ratio of 2.42 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.00%. Broadcom’s payout ratio is 192.50%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AVGO. Rosenblatt Securities reissued a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. Robert W. Baird boosted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft raised their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Benchmark reissued a “buy” rating and set a $255.00 price target (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. Finally, Evercore ISI raised their price objective on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $225.04.

Insider Activity at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now owns 46,400 shares in the company, valued at $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 191,278 shares of company stock valued at $44,964,800. Insiders own 2.00% of the company’s stock.

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.