Red Spruce Capital LLC Takes Position in Broadcom Inc (NASDAQ:AVGO)

Red Spruce Capital LLC purchased a new stake in shares of Broadcom Inc (NASDAQ:AVGO) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 5,286 shares of the semiconductor manufacturer’s stock, valued at approximately $1,670,000. Broadcom accounts for about 1.4% of Red Spruce Capital LLC’s holdings, making the stock its 27th biggest holding.

A number of other hedge funds have also modified their holdings of AVGO. Garrett Wealth Advisory Group LLC bought a new stake in shares of Broadcom during the third quarter valued at approximately $28,000. Marquette Asset Management LLC purchased a new position in Broadcom during the 3rd quarter worth $28,000. Ellis Investment Partners LLC boosted its holdings in shares of Broadcom by 55.7% in the third quarter. Ellis Investment Partners LLC now owns 123 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 44 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its holdings in shares of Broadcom by 8.3% in the third quarter. Candriam Luxembourg S.C.A. now owns 124,792 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 9,602 shares in the last quarter. Finally, Doyle Wealth Management acquired a new stake in shares of Broadcom in the second quarter valued at about $42,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

A number of research analysts have recently commented on AVGO shares. BMO Capital Markets boosted their target price on shares of Broadcom from $310.00 to $330.00 and gave the stock a “market perform” rating in a research report on Friday, December 13th. ValuEngine lowered shares of Broadcom from a “hold” rating to a “sell” rating in a research report on Saturday, January 4th. Bank of America restated a “buy” rating on shares of Broadcom in a report on Monday, December 9th. Raymond James reiterated a “hold” rating on shares of Broadcom in a report on Thursday, December 12th. Finally, Citigroup raised their price objective on shares of Broadcom from $340.00 to $378.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $331.77.

Shares of AVGO stock opened at $303.14 on Thursday. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 1.58. The business has a 50-day moving average price of $314.82 and a two-hundred day moving average price of $295.07. Broadcom Inc has a 12-month low of $248.72 and a 12-month high of $331.20. The firm has a market cap of $122.59 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $5.39 earnings per share for the quarter, beating analysts’ consensus estimates of $5.35 by $0.04. The company had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.74 billion. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. Broadcom’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.85 EPS. As a group, research analysts expect that Broadcom Inc will post 19.22 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a dividend of $3.25 per share. This is an increase from Broadcom’s previous quarterly dividend of $2.65. The ex-dividend date was Friday, December 20th. This represents a $13.00 dividend on an annualized basis and a dividend yield of 4.29%. Broadcom’s dividend payout ratio is 74.67%.

In related news, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $319.82, for a total value of $6,396,400.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 115,000 shares of company stock worth $36,014,100 in the last 90 days. 3.30% of the stock is currently owned by company insiders.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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