Chancellor Financial Group WB LP Takes $1.40 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Chancellor Financial Group WB LP 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 6,016 shares of the semiconductor manufacturer's stock, valued at approximately $1,395,000. Broadcom accounts for about 1.1% of Chancellor Financial Group WB LP's portfolio, making the stock its 19th largest holding.

Other hedge funds have also modified their holdings of the company. Canton Hathaway LLC purchased a new position in Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom 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 transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated 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 sale, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. Insiders own 2.00% of the company's stock.

Broadcom Trading Down 1.0%

AVGO stock traded down $2.47 during trading on Friday, reaching $239.50. 27,045,094 shares of the stock were exchanged, compared to its average volume of 31,005,505. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 195.35, a P/E/G ratio of 2.29 and a beta of 1.04. The business has a 50 day moving average price of $194.36 and a 200-day moving average price of $202.79. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88.

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

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 0.99%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is presently 113.46%.

Analysts Set New Price Targets

Several equities research analysts recently commented on AVGO shares. Morgan Stanley boosted their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Truist Financial raised their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Oppenheimer lifted their price objective on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Barclays reduced their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $238.77.

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.