White Knight Strategic Wealth Advisors LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

White Knight Strategic Wealth Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 100.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,640 shares of the semiconductor manufacturer's stock after buying an additional 3,820 shares during the quarter. Broadcom accounts for approximately 0.7% of White Knight Strategic Wealth Advisors LLC's holdings, making the stock its 28th biggest holding. White Knight Strategic Wealth Advisors LLC's holdings in Broadcom were worth $1,771,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in Broadcom during the fourth quarter worth $16,893,010,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC boosted its stake in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Finally, Franklin Resources Inc. grew its holdings in Broadcom by 27.4% during the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock valued at $6,236,011,000 after purchasing an additional 5,783,988 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Up 0.3%

AVGO traded up $0.80 on Thursday, hitting $230.53. The company had a trading volume of 14,308,681 shares, compared to its average volume of 31,113,077. The stock has a market capitalization of $1.08 trillion, a price-to-earnings ratio of 188.04, a P/E/G 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. The stock has a fifty day moving average price of $189.30 and a 200-day moving average price of $200.47. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $251.88.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are 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 given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

Analysts Set New Price Targets

Several analysts have issued reports on AVGO shares. Bank of America decreased their price objective on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Barclays cut their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Citigroup reduced their target price on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $250.00 target price on shares of Broadcom 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 company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

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.