2,040 Shares in Broadcom Inc. $AVGO Acquired by Green Ridge Wealth Planning LLC

Key Points

• Green Ridge Wealth Planning LLC disclosed a new stake in Broadcom, buying 2,040 shares valued at about $706,000 in the fourth quarter.
• Broadcom reported better-than-expected quarterly results, with EPS of $2.44 versus $2.40 expected and revenue of $22.19 billion, up 47.9% from a year earlier.
• The company also announced a quarterly dividend of $0.65 per share, payable June 30, while several analysts recently raised price targets and maintained generally bullish views on the stock.

Green Ridge Wealth Planning LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,040 shares of the semiconductor manufacturer's stock, valued at approximately $706,000.

Several other hedge funds also recently made changes to their positions in AVGO. Brown Brothers Harriman & Co. boosted its stake in shares of Broadcom by 10.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock valued at $25,539,000 after buying an additional 7,499 shares during the period. Dana Investment Advisors Inc. increased its stake in shares of Broadcom by 2.6% in the third quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer's stock worth $57,325,000 after acquiring an additional 4,442 shares during the last quarter. Sovran Advisors LLC increased its stake in shares of Broadcom by 121.3% in the fourth quarter. Sovran Advisors LLC now owns 30,631 shares of the semiconductor manufacturer's stock worth $10,507,000 after acquiring an additional 16,789 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Broadcom by 406.1% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,994 shares of the semiconductor manufacturer's stock worth $4,151,000 after acquiring an additional 9,624 shares in the last quarter. Finally, Siligmueller & Norvid Wealth Advisors LLC purchased a new stake in shares of Broadcom during the third quarter worth $762,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $411.35 on Monday. The stock has a market capitalization of $1.96 trillion, a PE ratio of 68.56, a P/E/G ratio of 0.72 and a beta of 1.41. Broadcom Inc. has a 1 year low of $244.17 and a 1 year high of $495.00. The firm has a fifty day moving average price of $411.42 and a 200 day moving average price of $363.34. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same period last year, the company earned $1.58 earnings per share. The business's revenue was up 47.9% compared to the same quarter last year. Analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. Broadcom's dividend payout ratio is currently 43.33%.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. DA Davidson boosted their target price on Broadcom from $375.00 to $400.00 and gave the company a "neutral" rating in a research note on Thursday, June 4th. Royal Bank Of Canada upped their target price on Broadcom from $360.00 to $400.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 4th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Broadcom in a research note on Wednesday, April 8th. Oppenheimer reiterated an "outperform" rating and set a $535.00 price target (up from $450.00) on shares of Broadcom in a report on Thursday, June 4th. Finally, KeyCorp reissued an "overweight" rating and issued a $575.00 price target (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $490.13.

Insider Buying and Selling at Broadcom

In related news, Director Harry L. You bought 1,000 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was purchased at an average price of $373.57 per share, with a total value of $373,570.00. Following the completion of the transaction, the director directly owned 38,466 shares of the company's stock, valued at $14,369,743.62. This trade represents a 2.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total value of $3,452,300.00. Following the transaction, the insider owned 787,184 shares in the company, valued at approximately $271,759,532.32. This trade represents a 1.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 59,385 shares of company stock worth $21,301,057 in the last 90 days. Company insiders own 1.90% of the company's stock.

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.

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