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

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

A number of other large investors have also modified their holdings of AVGO. Tallon Kerry Patrick acquired a new position in shares of Broadcom in the fourth quarter worth about $357,000. Capital & Planning LLC raised its position in shares of Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after purchasing an additional 554 shares during the last quarter. LaFleur & Godfrey LLC raised its position in shares of Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after purchasing an additional 12,345 shares during the last quarter. West Branch Capital LLC raised its position in shares of Broadcom by 9.8% during the 4th quarter. West Branch Capital LLC now owns 27,913 shares of the semiconductor manufacturer's stock worth $6,471,000 after purchasing an additional 2,495 shares during the last quarter. Finally, Eagle Wealth Strategies LLC raised its position in shares of Broadcom by 2.8% during the 4th quarter. Eagle Wealth Strategies LLC now owns 2,831 shares of the semiconductor manufacturer's stock worth $656,000 after purchasing an additional 77 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on AVGO shares. Barclays reduced their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Morgan Stanley increased their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, Benchmark reiterated a "buy" rating and issued a $255.00 price objective on shares of Broadcom in a 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $229.48.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. 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 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Stock 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. The firm's fifty day simple moving average is $191.49 and its 200-day simple moving average is $201.86. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The stock has a market capitalization of $1.11 trillion, a P/E ratio of 192.21, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is 113.46%.

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