Wise Wealth Partners Buys Shares of 2,649 Broadcom Inc. (NASDAQ:AVGO)

Wise Wealth Partners acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,649 shares of the semiconductor manufacturer’s stock, valued at approximately $614,000. Broadcom comprises about 1.5% of Wise Wealth Partners’ investment portfolio, making the stock its 11th biggest position.

Several other large investors also recently modified their holdings of AVGO. Headland Capital LLC bought a new stake in shares of Broadcom in the 4th quarter valued at $243,000. Rehmann Capital Advisory Group increased its stake in Broadcom by 4.8% in the fourth quarter. Rehmann Capital Advisory Group now owns 17,577 shares of the semiconductor manufacturer’s stock valued at $4,075,000 after purchasing an additional 806 shares in the last quarter. Wick Capital Partners LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $679,000. WealthCollab LLC boosted its position in shares of Broadcom by 14.6% during the 4th quarter. WealthCollab LLC now owns 763 shares of the semiconductor manufacturer’s stock worth $177,000 after purchasing an additional 97 shares in the last quarter. Finally, Bridgewealth Advisory Group LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $313,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the 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 transaction, the director now 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVGO. Mizuho cut their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Bank of America cut their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Truist Financial raised their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Finally, Benchmark restated a “buy” rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Trading Down 0.7 %

Shares of AVGO stock opened at $191.17 on Wednesday. Broadcom Inc. has a 52-week low of $122.33 and a 52-week high of $251.88. The business’s fifty day moving average is $182.92 and its 200 day moving average is $196.21. 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 company has a market capitalization of $898.87 billion, a PE ratio of 155.93, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Broadcom Company 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.