Challenger Wealth Management Purchases New Stake in Broadcom Inc. (NASDAQ:AVGO)

Challenger Wealth Management bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,459 shares of the semiconductor manufacturer's stock, valued at approximately $802,000.

A number of other institutional investors have also added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Broadcom by 3.8% during the 4th 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 purchased a new stake in shares of Broadcom during the 4th quarter worth approximately $244,000. Motive Wealth Advisors grew its stake in Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock valued at $1,066,000 after buying an additional 4,209 shares in the last quarter. Nebula Research & Development LLC grew its stake in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after buying an additional 14,399 shares in the last quarter. Finally, TTP Investments Inc. boosted its holdings 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 purchasing an additional 25,330 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several analyst reports. Benchmark restated a "buy" rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Barclays cut their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Bank of America decreased their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $234.15.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated 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 directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was 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 approximately $95,564,585.40. The trade was a 5.76% 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 valued at $131,249,694 in the last ninety days. Insiders own 2.00% of the company's stock.

Broadcom Trading Up 0.7%

Shares of Broadcom stock traded up $1.77 during mid-day trading on Thursday, hitting $241.20. 12,034,954 shares of the stock were exchanged, compared to its average volume of 28,933,789. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88. The stock has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 196.74, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a 50-day simple moving average of $193.34 and a 200 day simple moving average of $202.36. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid 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 0.98%. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its stock is 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.