Peterson Wealth Management Purchases Shares of 8,246 Broadcom Inc. (NASDAQ:AVGO)

Peterson Wealth Management purchased a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,246 shares of the semiconductor manufacturer's stock, valued at approximately $1,912,000. Broadcom makes up 1.1% of Peterson Wealth Management's investment portfolio, making the stock its 27th largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the 4th quarter worth approximately $26,000. Sellwood Investment Partners LLC acquired a new stake in Broadcom during the 4th quarter valued at $32,000. Bellevue Asset Management LLC acquired a new position in Broadcom in the fourth quarter worth $33,000. Finally, Synergy Investment Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $35,000. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Up 3.2 %

Shares of AVGO traded up $6.31 during midday trading on Friday, hitting $203.64. The stock had a trading volume of 17,749,359 shares, compared to its average volume of 31,215,620. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a market cap of $957.50 billion, a price-to-earnings ratio of 166.10, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a 50 day simple moving average of $182.21 and a two-hundred day simple moving average of $196.61. Broadcom Inc. has a twelve month low of $127.51 and a twelve month high of $251.88.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is 113.46%.

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVGO. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. 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. Citigroup lowered their price target 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. Rosenblatt Securities reiterated a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, William Blair reaffirmed an "outperform" rating 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 issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $229.48.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 in the last quarter. 2.00% of the stock is currently owned by 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.