Red Spruce Capital LLC Purchases 1,492 Shares of Broadcom Inc. (NASDAQ:AVGO)

Red Spruce Capital LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 4.5% in the fourth quarter, Holdings Channel reports. The firm owned 34,407 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,492 shares during the period. Broadcom accounts for approximately 3.5% of Red Spruce Capital LLC’s holdings, making the stock its 5th biggest position. Red Spruce Capital LLC’s holdings in Broadcom were worth $7,977,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. NCP Inc. grew its position in shares of Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after acquiring an additional 400 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in Broadcom by 257.1% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,167 shares of the semiconductor manufacturer’s stock worth $19,535,000 after purchasing an additional 8,760 shares during the last quarter. APG Asset Management US Inc. increased its stake in Broadcom by 1.8% in the second quarter. APG Asset Management US Inc. now owns 158,744 shares of the semiconductor manufacturer’s stock valued at $260,467,000 after purchasing an additional 2,795 shares during the period. Element Pointe Advisors LLC raised its holdings in shares of Broadcom by 112.8% in the second quarter. Element Pointe Advisors LLC now owns 566 shares of the semiconductor manufacturer’s stock valued at $909,000 after buying an additional 300 shares during the last quarter. Finally, EDENTREE ASSET MANAGEMENT Ltd raised its holdings in shares of Broadcom by 15.7% in the second quarter. EDENTREE ASSET MANAGEMENT Ltd now owns 1,133 shares of the semiconductor manufacturer’s stock valued at $1,819,000 after buying an additional 154 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling 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 stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. Benchmark restated a “buy” rating and issued a $255.00 price target (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Evercore ISI upped their price target on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Truist Financial lifted their price objective on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Jefferies Financial Group upped their price objective on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Barclays lifted their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $225.83.

Broadcom Stock Down 0.3 %

AVGO stock opened at $240.28 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company’s 50 day simple moving average is $205.81 and its 200-day simple moving average is $179.64. Broadcom Inc. has a 12 month low of $117.43 and a 12 month high of $251.88. The firm has a market capitalization of $1.13 trillion, a PE ratio of 195.99, a P/E/G ratio of 2.51 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. Broadcom’s quarterly revenue was up 51.2% on a year-over-year basis. Equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a yield of 0.98%. Broadcom’s payout ratio is presently 192.50%.

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.