Anchor Pointe Wealth Management LLC Takes $494,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Anchor Pointe Wealth Management LLC purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,095 shares of the semiconductor manufacturer's stock, valued at approximately $494,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank bought a new position in Broadcom during the 4th quarter valued at $16,893,010,000. Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the period. GQG Partners LLC raised its position in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Broadcom by 27.4% in the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock valued at $6,236,011,000 after acquiring an additional 5,783,988 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on AVGO shares. William Blair reiterated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday. They issued a "buy" rating and a $301.00 price target on the stock. Mizuho increased their price objective on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday. Oppenheimer lifted their target price on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Truist Financial upped 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. Three investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and an average price target of $238.77.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction 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 transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction 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 transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 in the last three months. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.0%

Shares of NASDAQ:AVGO traded down $2.47 during midday trading on Friday, hitting $239.50. 27,038,055 shares of the stock were exchanged, compared to its average volume of 31,005,431. The company has a market capitalization of $1.13 trillion, a PE ratio of 195.35, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The business's fifty day simple moving average is $194.36 and its two-hundred day simple moving average is $202.79.

Broadcom Announces Dividend

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

Broadcom announced that its Board of Directors has authorized a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

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.