Riverbend Wealth Management LLC Acquires New Holdings in Broadcom Inc. (NASDAQ:AVGO)

Riverbend Wealth Management LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, Holdings Channel reports. The firm bought 10,089 shares of the semiconductor manufacturer’s stock, valued at approximately $2,345,000. Broadcom accounts for 2.1% of Riverbend Wealth Management LLC’s portfolio, making the stock its 13th largest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Pin Oak Investment Advisors Inc. grew its stake in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares during the last quarter. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. JDM Financial Group LLC increased its stake in shares of Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares during the period. Finally, Bellevue Asset Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AVGO shares. JPMorgan Chase & Co. raised their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Barclays raised their price objective on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Piper Sandler upped their target price on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. TD Cowen raised their price target on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a report on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Trading Down 5.4 %

Shares of AVGO stock opened at $184.45 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $867.27 billion, a P/E ratio of 150.45, a P/E/G ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The firm has a 50-day moving average price of $221.26 and a 200 day moving average price of $193.28.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the previous year, the business earned $0.98 EPS. Broadcom’s revenue was up 51.2% compared to the same quarter last year. Research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.28%. The ex-dividend date is Thursday, March 20th. Broadcom’s payout ratio is presently 113.46%.

Insider Activity

In other news, Director Check Kian Low sold 48,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by corporate insiders.

About Broadcom

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.