Wellington Wealth Strategies LLC. Purchases 685 Shares of Broadcom Inc. (NASDAQ:AVGO)

Wellington Wealth Strategies LLC. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 28.1% during the fourth quarter, HoldingsChannel reports. The firm owned 3,123 shares of the semiconductor manufacturer’s stock after purchasing an additional 685 shares during the period. Wellington Wealth Strategies LLC.’s holdings in Broadcom were worth $736,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $26,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at $35,000. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on AVGO. Bank of America lowered their price target on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Truist Financial boosted their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, KeyCorp increased their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $229.48.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Up 0.9%

Shares of NASDAQ AVGO opened at $230.63 on Tuesday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a 50-day moving average of $187.81 and a 200 day moving average of $200.05. The stock has a market cap of $1.08 trillion, a P/E ratio of 188.12, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. Broadcom’s payout ratio is 113.46%.

Broadcom declared that its Board of Directors has authorized a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Broadcom 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.