Redwood Financial Network Corp Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Redwood Financial Network Corp acquired a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,863 shares of the semiconductor manufacturer's stock, valued at approximately $432,000.

A number of other hedge funds also recently bought and sold shares of AVGO. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Wolff Financial Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth approximately $244,000. Motive Wealth Advisors raised its stake in shares of Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock worth $1,066,000 after acquiring an additional 4,209 shares in the last quarter. Nebula Research & Development LLC raised its stake in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Finally, TTP Investments Inc. lifted its position in Broadcom by 71.7% during the fourth quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer's stock valued at $14,061,000 after acquiring an additional 25,330 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Morgan Stanley upped their price target on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Bank of America reduced their target price on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Barclays lowered their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $229.48.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 719,776 shares of company stock worth $131,065,542. Insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.1%

Shares of Broadcom stock opened at $232.12 on Thursday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. The firm has a 50-day simple moving average of $185.35 and a two-hundred day simple moving average of $198.49. The company has a market cap of $1.09 trillion, a P/E ratio of 189.33, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding 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 often an indication that the company's board of directors believes its stock is undervalued.

Broadcom 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.

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