Chokshi & Queen Wealth Advisors Inc Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Chokshi & Queen Wealth Advisors Inc acquired a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,705 shares of the semiconductor manufacturer's stock, valued at approximately $3,177,000. Broadcom makes up 2.0% of Chokshi & Queen Wealth Advisors Inc's portfolio, making the stock its 10th biggest holding.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AVGO. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Wolff Financial Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth $244,000. Motive Wealth Advisors boosted its position in shares of Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock worth $1,066,000 after buying an additional 4,209 shares in the last quarter. Nebula Research & Development LLC boosted its position in shares of Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after buying an additional 14,399 shares in the last quarter. Finally, TTP Investments Inc. grew its stake in Broadcom by 71.7% in the 4th quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer's stock valued at $14,061,000 after acquiring an additional 25,330 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity

In related news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Up 3.0%

Broadcom stock traded up $6.93 during midday trading on Tuesday, reaching $235.65. The stock had a trading volume of 17,906,364 shares, compared to its average volume of 31,055,312. Broadcom Inc. has a twelve month low of $128.50 and a twelve month 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 market cap of $1.11 trillion, a price-to-earnings ratio of 192.21, a PEG ratio of 2.29 and a beta of 1.04. The firm's fifty day simple moving average is $191.49 and its two-hundred day simple moving average is $201.86.

Broadcom declared that its board has approved a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 1.00%. Broadcom's dividend payout ratio is 113.46%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. William Blair restated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Mizuho reduced their target price on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price target 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 assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $229.48.

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.