Ridgecrest Wealth Partners LLC Purchases 25,010 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ridgecrest Wealth Partners LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 737.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 28,402 shares of the semiconductor manufacturer's stock after buying an additional 25,010 shares during the period. Broadcom accounts for about 2.5% of Ridgecrest Wealth Partners LLC's portfolio, making the stock its 12th largest holding. Ridgecrest Wealth Partners LLC's holdings in Broadcom were worth $4,755,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC lifted its stake in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after acquiring an additional 3,018,294 shares during the last quarter. FMR LLC grew its position in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after acquiring an additional 2,873,809 shares during the period. Norges Bank acquired a new position in shares of Broadcom during the 4th quarter worth about $16,893,010,000. Finally, Northern Trust Corp raised its holdings in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the sale, the chief financial officer now directly owns 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 875,444 shares of company stock valued at $172,097,492 over the last three months. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Citigroup lifted their price target on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Mizuho raised their price target on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a report on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $281.25.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $10.00 during trading on Tuesday, reaching $263.77. 32,724,001 shares of the company traded hands, compared to its average volume of 29,327,658. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.58. The firm has a market capitalization of $1.24 trillion, a PE ratio of 98.79, a PEG ratio of 1.81 and a beta of 1.11. The company's 50 day moving average is $223.68 and its two-hundred day moving average is $213.63.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 earnings per share. Broadcom's revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are 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 0.89%. Broadcom's dividend payout ratio is 88.39%.

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.