Chokshi & Queen Wealth Advisors Inc Buys Shares of 13,705 Broadcom Inc. (NASDAQ:AVGO)

Chokshi & Queen Wealth Advisors Inc purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 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 position.

Several other hedge funds also recently made changes to their positions in the business. Canton Hathaway LLC bought a new position in shares of Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Broadcom in the fourth quarter valued at $32,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research analyst reports. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday. They set a "buy" rating and a $301.00 price objective for the company. Mizuho lifted their price objective on shares of Broadcom from $250.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Citigroup reduced their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Three equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $234.15.

Broadcom Price Performance

Shares of AVGO stock traded up $3.78 on Wednesday, reaching $239.43. The company had a trading volume of 20,233,215 shares, compared to its average volume of 31,012,388. The stock has a market capitalization of $1.13 trillion, a PE ratio of 195.30, a price-to-earnings-growth 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 Inc. has a one year low of $128.50 and a one year high of $251.88. The business's 50-day moving average is $192.39 and its 200 day moving average is $202.10.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Broadcom announced that its board has authorized a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Insider Transactions at Broadcom

In other news, 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 value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by insiders.

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.