Redpoint Investment Management Pty Ltd grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 10,564 shares of the semiconductor manufacturer’s stock after buying an additional 820 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Broadcom were worth $4,625,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. TFC Financial Management purchased a new stake in shares of Broadcom during the 3rd quarter valued at about $27,000. Provident Wealth Management LLC purchased a new stake in shares of Broadcom during the 3rd quarter valued at about $28,000. Horan Securities Inc. purchased a new stake in shares of Broadcom during the 3rd quarter valued at about $34,000. Northwest Investment Counselors LLC purchased a new stake in shares of Broadcom during the 3rd quarter valued at about $35,000. Finally, CVA Family Office LLC purchased a new stake in shares of Broadcom during the 3rd quarter valued at about $42,000. 80.62% of the stock is currently owned by hedge funds and other institutional investors.

Shares of AVGO traded up $1.82 during midday trading on Wednesday, hitting $451.21. 1,311,713 shares of the company traded hands, compared to its average volume of 1,645,452. The firm has a 50 day moving average of $421.74 and a 200-day moving average of $365.80. Broadcom Inc. has a 52 week low of $155.67 and a 52 week high of $454.76. The stock has a market cap of $183.51 billion, a price-to-earnings ratio of 71.75, a PEG ratio of 1.50 and a beta of 1.05. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.71 and a current ratio of 1.87.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, December 9th. The semiconductor manufacturer reported $6.35 EPS for the quarter, beating the consensus estimate of $6.25 by $0.10. Broadcom had a net margin of 12.39% and a return on equity of 35.23%. The business had revenue of $6.47 billion during the quarter, compared to the consensus estimate of $6.43 billion. During the same quarter in the prior year, the firm earned $5.39 EPS. The business’s revenue was up 12.0% on a year-over-year basis. Sell-side analysts predict that Broadcom Inc. will post 23.07 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 31st. Investors of record on Monday, December 21st were issued a $3.60 dividend. This is an increase from Broadcom’s previous quarterly dividend of $3.25. The ex-dividend date of this dividend was Friday, December 18th. This represents a $14.40 dividend on an annualized basis and a dividend yield of 3.19%. Broadcom’s dividend payout ratio (DPR) is presently 78.05%.

In related news, CEO Hock E. Tan sold 78,125 shares of the stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $361.33, for a total value of $28,228,906.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eddy W. Hartenstein sold 530 shares of the stock in a transaction dated Tuesday, December 29th. The shares were sold at an average price of $435.83, for a total transaction of $230,989.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 332,928 shares of company stock valued at $134,075,933. 3.00% of the stock is owned by insiders.

A number of equities analysts recently issued reports on the stock. Oppenheimer reissued a “buy” rating and issued a $475.00 price objective on shares of Broadcom in a report on Friday, December 11th. Credit Suisse Group raised their price objective on shares of Broadcom from $420.00 to $480.00 and gave the stock an “outperform” rating in a report on Wednesday, December 9th. Mizuho raised their price objective on shares of Broadcom from $460.00 to $480.00 and gave the stock a “buy” rating in a report on Monday, December 28th. Piper Sandler raised their price objective on shares of Broadcom from $380.00 to $400.00 and gave the stock an “overweight” rating in a report on Thursday, September 24th. Finally, Morgan Stanley raised their price objective on shares of Broadcom from $415.00 to $440.00 and gave the stock an “overweight” rating in a report on Monday, December 7th. Six equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $418.57.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through three segments: Semiconductor Solutions, Infrastructure Software, and Intellectual Property licensing.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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