Red Cedar Investment Management LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Red Cedar Investment Management LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 902.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 65,035 shares of the semiconductor manufacturer's stock after purchasing an additional 58,549 shares during the period. Broadcom accounts for about 1.4% of Red Cedar Investment Management LLC's investment portfolio, making the stock its 11th biggest holding. Red Cedar Investment Management LLC's holdings in Broadcom were worth $11,219,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of AVGO. Nvwm LLC boosted its stake in shares of Broadcom by 17.1% in the first quarter. Nvwm LLC now owns 1,556 shares of the semiconductor manufacturer's stock worth $2,070,000 after acquiring an additional 227 shares during the period. Zevenbergen Capital Investments LLC boosted its stake in shares of Broadcom by 5.7% in the first quarter. Zevenbergen Capital Investments LLC now owns 31,700 shares of the semiconductor manufacturer's stock worth $42,015,000 after acquiring an additional 1,700 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. bought a new position in shares of Broadcom in the first quarter worth about $2,121,000. Illinois Municipal Retirement Fund boosted its stake in shares of Broadcom by 26.3% in the first quarter. Illinois Municipal Retirement Fund now owns 26,844 shares of the semiconductor manufacturer's stock worth $35,579,000 after acquiring an additional 5,584 shares during the period. Finally, Forsta AP Fonden boosted its stake in shares of Broadcom by 7.9% in the first quarter. Forsta AP Fonden now owns 121,964 shares of the semiconductor manufacturer's stock worth $161,652,000 after acquiring an additional 8,900 shares during the period. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 0.1 %

Shares of NASDAQ AVGO traded down $0.17 during midday trading on Friday, hitting $183.64. The company's stock had a trading volume of 13,491,305 shares, compared to its average volume of 29,781,646. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The business's 50 day moving average is $170.75 and its two-hundred day moving average is $157.78. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a market cap of $857.71 billion, a P/E ratio of 159.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Broadcom's revenue was up 47.3% compared to the same quarter last year. As a group, equities research analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.15%. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio is 184.19%.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. UBS Group boosted their target price on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday. Benchmark reiterated a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. StockNews.com downgraded Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. Finally, Mizuho boosted their target price on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $192.79.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 over the last quarter. 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.