Ridgecrest Wealth Partners LLC Buys New Shares in Broadcom Inc. (NASDAQ:AVGO)

Ridgecrest Wealth Partners LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 38,450 shares of the semiconductor manufacturer's stock, valued at approximately $6,633,000. Broadcom comprises approximately 3.5% of Ridgecrest Wealth Partners LLC's portfolio, making the stock its 9th largest position.

Other hedge funds also recently made changes to their positions in the company. AXA S.A. grew its position in Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer's stock worth $467,334,000 after purchasing an additional 7,608 shares in the last quarter. Catalyst Financial Partners LLC lifted its stake in shares of Broadcom by 943.3% in the 3rd quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer's stock valued at $3,473,000 after purchasing an additional 18,206 shares during the last quarter. Whittier Trust Co. raised its holdings in Broadcom by 947.2% in the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer's stock worth $119,000,000 after acquiring an additional 623,983 shares during the period. Summit Place Financial Advisors LLC increased its holdings in shares of Broadcom by 912.6% during the 3rd quarter. Summit Place Financial Advisors LLC now owns 9,802 shares of the semiconductor manufacturer's stock worth $1,691,000 after purchasing an additional 8,834 shares during the period. Finally, Signaturefd LLC increased its holdings in shares of Broadcom by 913.0% during the 3rd quarter. Signaturefd LLC now owns 78,977 shares of the semiconductor manufacturer's stock worth $13,624,000 after purchasing an additional 71,181 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company's stock, valued at $70,744,366. This represents a 4.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company's stock.

Broadcom Trading Down 1.8 %

Shares of AVGO stock traded down $3.20 on Thursday, hitting $170.38. The stock had a trading volume of 20,618,991 shares, compared to its average volume of 29,565,154. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm has a market capitalization of $795.77 billion, a P/E ratio of 150.74, a P/E/G ratio of 2.07 and a beta of 1.17. The company's 50 day moving average price is $171.93 and its 200-day moving average price is $158.86. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm's quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. Analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Rosenblatt Securities lowered their target price on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating for the company. Mizuho increased their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. Finally, UBS Group increased their price target on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $192.79.

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.