Redwood Wealth Management Group LLC Has $2.69 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Redwood Wealth Management Group LLC grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 31.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 16,077 shares of the semiconductor manufacturer's stock after buying an additional 3,876 shares during the period. Broadcom makes up 1.4% of Redwood Wealth Management Group LLC's portfolio, making the stock its 23rd largest position. Redwood Wealth Management Group LLC's holdings in Broadcom were worth $2,692,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter valued at $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 849,134 shares of company stock worth $163,760,949. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $1.27 on Friday, reaching $249.99. 42,100,140 shares of the company's stock were exchanged, compared to its average volume of 29,751,829. The company has a fifty day moving average of $220.48 and a 200-day moving average of $212.17. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a PEG ratio of 1.79 and a beta of 1.11. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. The business's revenue was up 20.2% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. Broadcom's dividend payout ratio is 88.39%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Susquehanna increased their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Rosenblatt Securities increased their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Mizuho increased their price objective on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. Finally, Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $276.09.

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.