Riverstone Advisors LLC Invests $1.23 Million in Broadcom Inc. (NASDAQ:AVGO)

Riverstone Advisors LLC purchased a new position in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, HoldingsChannel reports. The fund purchased 1,101 shares of the semiconductor manufacturer’s stock, valued at approximately $1,229,000. Broadcom accounts for 0.8% of Riverstone Advisors LLC’s holdings, making the stock its 23rd largest position.

Several other institutional investors have also recently made changes to their positions in the company. Octavia Wealth Advisors LLC increased its holdings in shares of Broadcom by 32.3% in the fourth quarter. Octavia Wealth Advisors LLC now owns 1,062 shares of the semiconductor manufacturer’s stock worth $1,186,000 after purchasing an additional 259 shares during the period. Marino Stram & Associates LLC increased its holdings in shares of Broadcom by 11.0% in the fourth quarter. Marino Stram & Associates LLC now owns 533 shares of the semiconductor manufacturer’s stock worth $595,000 after purchasing an additional 53 shares during the period. DGS Capital Management LLC bought a new position in shares of Broadcom in the fourth quarter worth $395,000. SVB Wealth LLC increased its holdings in shares of Broadcom by 10.7% in the fourth quarter. SVB Wealth LLC now owns 47,570 shares of the semiconductor manufacturer’s stock worth $53,101,000 after purchasing an additional 4,590 shares during the period. Finally, TBH Global Asset Management LLC increased its holdings in shares of Broadcom by 29.2% in the fourth quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after purchasing an additional 145 shares during the period. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVGO. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. Barclays began coverage on shares of Broadcom in a research report on Wednesday, March 20th. They issued an “overweight” rating and a $1,405.00 target price for the company. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Evercore ISI started coverage on shares of Broadcom in a research report on Tuesday. They issued an “outperform” rating and a $1,620.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a research report on Monday, April 8th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,281.09.

Broadcom Stock Up 0.9 %

Shares of NASDAQ AVGO traded up $12.24 during mid-day trading on Tuesday, hitting $1,322.93. 851,819 shares of the stock traded hands, compared to its average volume of 2,945,368. The stock has a fifty day moving average price of $1,304.36 and a 200-day moving average price of $1,110.50. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The company has a market cap of $613.07 billion, a price-to-earnings ratio of 48.76, a PEG ratio of 2.74 and a beta of 1.25. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same period in the previous year, the firm posted $9.83 EPS. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.59%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Transactions at Broadcom

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the transaction, the insider now directly owns 16,575 shares in the company, valued at approximately $22,276,800. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,920 shares of company stock worth $40,306,667. Corporate insiders own 2.00% of the company’s stock.

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.