RDA Financial Network Has $15.12 Million Position in Broadcom Inc. $AVGO

Key Points

• RDA Financial Network reduced its Broadcom stake by 3.1% in the second quarter, selling 1,277 shares and retaining 40,025 shares valued at $15.12 million. Broadcom remains the firm’s third-largest holding, representing about 3.3% of its portfolio.
• Broadcom reported quarterly revenue of $22.19 billion, up 47.9% year over year, and earnings of $2.44 per share, exceeding analyst expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $493.24.
• Institutional investors own 76.43% of Broadcom, while insiders own 1.90%; insiders sold $24.02 million of shares over the past 90 days. The company also pays a quarterly dividend of $0.65, equivalent to a 0.7% annualized yield.

RDA Financial Network trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,025 shares of the semiconductor manufacturer's stock after selling 1,277 shares during the period. Broadcom makes up approximately 3.3% of RDA Financial Network's holdings, making the stock its 3rd biggest holding. RDA Financial Network's holdings in Broadcom were worth $15,120,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ROSS JOHNSON & Associates LLC lifted its stake in Broadcom by 1,320.0% in the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 66 shares in the last quarter. Networth Advisors LLC grew its holdings in shares of Broadcom by 546.2% in the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer's stock valued at $26,000 after acquiring an additional 71 shares in the last quarter. SWAN Capital LLC increased its position in shares of Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock worth $26,000 after purchasing an additional 55 shares during the last quarter. Nvest Wealth Strategies Inc. acquired a new position in Broadcom during the fourth quarter worth $33,000. Finally, Family CFO Inc acquired a new position in shares of Broadcom during the 4th quarter worth about $35,000. 76.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Broadcom news, Director Harry L. You bought 1,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were bought at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the purchase, the director directly owned 38,466 shares of the company's stock, valued at approximately $14,369,743.62. This trade represents a 2.67% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 1,602 shares of Broadcom stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $373.86, for a total transaction of $598,923.72. Following the completion of the sale, the director directly owned 17,426 shares in the company, valued at approximately $6,514,884.36. This represents a 8.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,644 shares of company stock worth $24,016,214 in the last ninety days. Company insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. TD Cowen restated a "buy" rating and issued a $500.00 price target on shares of Broadcom in a research note on Thursday, June 4th. Weiss Ratings cut Broadcom from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday. Rosenblatt Securities reiterated a "buy" rating and set a $500.00 price objective on shares of Broadcom in a research note on Thursday, June 4th. Citigroup reiterated a "buy" rating on shares of Broadcom in a research note on Thursday, June 4th. Finally, Royal Bank Of Canada upped their price objective on shares of Broadcom from $360.00 to $400.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 4th. Twenty-eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $493.24.

Broadcom Stock Up 0.8%

Broadcom stock opened at $392.23 on Tuesday. The company has a market capitalization of $1.87 trillion, a PE ratio of 65.37, a PEG ratio of 0.74 and a beta of 1.45. The firm's fifty day moving average is $393.64 and its 200 day moving average is $368.48. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 12-month low of $281.87 and a 12-month high of $495.00.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom's payout ratio is presently 43.33%.

About Broadcom

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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