3,459 Shares in Broadcom Inc. (NASDAQ:AVGO) Acquired by Challenger Wealth Management

Challenger Wealth Management acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,459 shares of the semiconductor manufacturer’s stock, valued at approximately $802,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ascent Group LLC boosted its stake in Broadcom by 5.2% during the fourth quarter. Ascent Group LLC now owns 51,174 shares of the semiconductor manufacturer’s stock valued at $11,864,000 after buying an additional 2,540 shares during the last quarter. PVG Asset Management Corp bought a new position in shares of Broadcom during the 4th quarter valued at approximately $540,000. Value Partners Investments Inc. increased its position in Broadcom by 3.0% in the fourth quarter. Value Partners Investments Inc. now owns 12,021 shares of the semiconductor manufacturer’s stock worth $2,785,000 after purchasing an additional 347 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the fourth quarter worth $30,000. Finally, Mackenzie Financial Corp raised its stake in Broadcom by 7.3% during the fourth quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer’s stock valued at $624,970,000 after purchasing an additional 183,474 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 over the last quarter. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent research reports. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Bank of America reduced their price objective on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Citigroup lowered their price objective on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Morgan Stanley boosted their target price on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Stock Down 0.8%

Broadcom stock opened at $228.72 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88. The business has a fifty day moving average of $190.82 and a two-hundred day moving average of $201.42. The firm has a market cap of $1.08 trillion, a P/E ratio of 186.56, a P/E/G ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Broadcom Company 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.