IronOak Wealth LLC. Makes New $3.04 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

IronOak Wealth LLC. acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 13,092 shares of the semiconductor manufacturer's stock, valued at approximately $3,035,000. Broadcom accounts for about 3.4% of IronOak Wealth LLC.'s holdings, making the stock its 9th biggest position.

Other large investors also recently made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares during the period. Wolff Financial Management LLC purchased a new position in Broadcom in the 4th quarter valued at about $244,000. Motive Wealth Advisors boosted its position 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 during the last quarter. Nebula Research & Development LLC increased its position in shares of Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after acquiring an additional 14,399 shares during the last quarter. Finally, TTP Investments Inc. lifted its stake in shares of Broadcom by 71.7% in the fourth quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer's stock worth $14,061,000 after acquiring an additional 25,330 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Price Performance

Broadcom stock traded down $1.97 during trading hours on Friday, hitting $240.00. 9,998,850 shares of the company traded hands, compared to its average volume of 30,939,318. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The firm has a market cap of $1.13 trillion, a P/E ratio of 195.79, a P/E/G ratio of 2.29 and a beta of 1.04. The firm's 50-day simple moving average is $194.36 and its two-hundred day simple moving average is $202.79. 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 announced that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is presently 113.46%.

Insider Activity

In other news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. The trade was a 5.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AVGO. Rosenblatt Securities restated a "buy" rating and set a $250.00 price objective 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 research note on Wednesday, April 30th. Citigroup decreased their price objective on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday, April 11th. Redburn Atlantic started coverage on shares of Broadcom in a research note on Wednesday. They issued a "buy" rating and a $301.00 target price on the stock. Finally, Truist Financial boosted their price objective on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $238.77.

About Broadcom

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.