Parr Mcknight Wealth Management Group LLC Invests $9.03 Million in Broadcom Inc. (NASDAQ:AVGO)

Parr Mcknight Wealth Management Group LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 38,930 shares of the semiconductor manufacturer's stock, valued at approximately $9,026,000. Broadcom makes up about 1.3% of Parr Mcknight Wealth Management Group LLC's investment portfolio, making the stock its 13th biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Canton Hathaway LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $26,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $32,000. Bellevue Asset Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $33,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 0.8%

NASDAQ:AVGO traded down $1.81 during trading hours on Friday, hitting $228.72. The company had a trading volume of 15,375,203 shares, compared to its average volume of 31,107,983. The company has a market capitalization of $1.08 trillion, a PE ratio of 186.56, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The stock has a 50-day moving average price of $190.82 and a 200 day moving average price of $201.42. 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 current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Announces Dividend

The company also recently disclosed 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 yield of 1.03%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom declared that its board has initiated a stock 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 generally an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. 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 note on Wednesday, April 16th. Benchmark reissued a "buy" rating and set a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. KeyCorp raised their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Finally, Truist Financial lifted their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $229.48.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 value of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company's stock, 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. Over the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by company insiders.

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.