Scissortail Wealth Management LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Scissortail Wealth Management LLC increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9,345.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,933 shares of the semiconductor manufacturer's stock after buying an additional 36,542 shares during the quarter. Broadcom accounts for 2.2% of Scissortail Wealth Management LLC's portfolio, making the stock its 12th largest position. Scissortail Wealth Management LLC's holdings in Broadcom were worth $8,563,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC increased its stake in Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC increased its stake in Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. Norges Bank bought a new stake in Broadcom in the fourth quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp boosted its stake in shares of Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity

In related news, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom 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 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. Over the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. Insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AVGO shares. Bank of America cut their target price on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Morgan Stanley raised 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. KeyCorp boosted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Benchmark reaffirmed a "buy" rating and set a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Finally, Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Stock Down 1.7%

NASDAQ:AVGO opened at $228.61 on Friday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The company has a market capitalization of $1.07 trillion, a PE ratio of 186.47, a P/E/G ratio of 2.29 and a beta of 1.04. The firm's 50-day moving average price is $187.08 and its 200-day moving average price is $199.25. 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 declared that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is 113.46%.

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.

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